Member Article

£13.9 million expansion of growth deal boosts Tees Valley economy

The Tees Valley Local Enterprise Partnership has agreed an expansion to its Growth Deal with the Government which will see an extra £13.9 million invested in Tees Valley between 2016 and 2021.

This is in addition to the £90.3 million of funding committed by the Government on 7 July 2014.

Over the lifetime of its Deal (2015-2021) the Local Enterprise Partnership estimates that up to 5000 new jobs could be created, safeguarded or enabled, 1500 new homes built and that it has the potential to generate £150m public and private investment.

The additional proposed projects include:

· Support for site improvements to allow the creation of business accommodation space at key sites in Redcar, Middlesbrough, Hartlepool and Darlington.

· Investment in road networks and other infrastructure in order to improve access to commercial investment sites in Middlesbrough, Billingham and Redcar.

· Creation of a skills programme to support key growth sectors in advanced manufacturing, low carbon, oil and gas, digital and logistics.

This expanded deal will complement the projects already prioritised including road schemes in Stockton and Middlesbrough, innovation schemes in Darlington and Middlesbrough, skills projects in Hartlepool and Redcar and Cleveland and business support activity across Tees Valley.

The Tees Valley Growth Deal is part of a long term plan to devolve at least £12 billion from central government to local economies. The plan aims for every part of the country to be a motor of growth for the national economy – building on the strength of the Tees Valley area.

The Prime Minister said: “Giving local communities the power and the money to unlock growth and development and make the spending decisions that work for them is a key part of our long-term economic plan to secure a brighter future for Britain and ensure a recovery for all.

“And this is happening right here in Tees Valley , with more money announced today for key projects to boost the local economy as part of the multi-million pound expansion of the Government’s Growth Deals.

“And because the money will be in the control of a partnership of local community, business and civic leaders it means it will go on the things that really matter to people and businesses here.”

“That is what Growth Deals are all about, backing local people and investing in the infrastructure, housing and skills that will drive forward local economies, create more jobs and opportunities for hardworking people and supercharge all parts of our country.”

Deputy Chair of Tees Valley LEP and Leader of Darlington Council, Councillor Bill Dixon, said: “This is good news for the Tees Valley, which has received a bigger share per head of population compared with other areas.

“The allocation, coming on top of the £90.3 million we have already been awarded, will help further boost the economy and drive growth in Tees Valley.”

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