Teesside welcomes devolution deal investment

Teesside welcomes devolution deal investment

On hearing the news that the first £15 million of devolved government money has been transferred to the Tees Valley Combined Authority, Chris McDonald, CEO of the Materials Processing Institute said: “The Tees Valley Devolution Deal is about developing manufacturing on Teesside and our global potential as leaders in industry and innovation.

“Receiving the first payment towards implementing the region’s long-term ambitions is a momentous occasion, which will underpin the capacity of the area to realise its potential, capitalising on our centuries of expertise.”

Northern Powerhouse Minister Andrew Percy announced the transfer of £15 million from the treasury directly to the region, as part of its ground-breaking devolution deal, the first payment from a total of £450million due over the next 30 years. This extra government investment into the Northern Powerhouse has been made available as part of the devolution deal signed in October last year.

Northern Powerhouse Minister Andrew Percy said: “The people of the Tees Valley came up with an ambitious devolution deal which puts them back in charge of decisions that matter to them.

“Now today’s £15million government investment into the Northern Powerhouse is proof that we will equip them with what they need to get the North firing on all cylinders and build an economy that works for everyone.

“And with powers over transport, training and regeneration all coming back into Teessiders’ hands, local people will also now have the chance to head to the polls and vote for a powerful new Mayor to put them into practice.”

Mayor David Budd, Chair of Tees Valley Combined Authority said: “The Tees Valley has ambitious plans to create jobs and grow the local economy. Devolution gives us the opportunity to deliver locally-led initiatives to transform our economy – far more effectively than decisions made behind a desk in Whitehall.

“This additional funding negotiated through our devolution deal, as the first payment of a 30 year commitment, is one more step on this journey.

“We will invest it in local priorities which give people the skills they need, and the jobs our region needs for a successful future. We will continue our dialogue with government to secure further commitments, and to become a flagship for successful devolution.”

Jonathan Willett, director at Henderson Insurance Brokers Teesside office, said: “This is a welcome boost to the region, which will hopefully lead to further investment throughout the Tees Valley. The groundwork was laid with the announcement of the Devolution Deal and this latest injection of funding will be key to improving local services and, crucially, the potential to attract infrastructure projects to the Tees Valley, which could lead to greater economic prosperity and supporting local supply chains and jobs.“