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21/11/2014

£190m funding for Tees Valley

Words: Laura Edgar
Hartlepool

A funding package worth £190 million announced for Tees Valley will enable up to 1,500 homes to be built.

The package, signed by local growth minister Penny Mordaunt, is expected to boost the economy by creating up to 1,000 jobs, building up 1,500 homes and strengthening transport links for local businesses.

The Tees Valley Growth Deal, part of a £12 billion government programmed aimed at revitalising local economies, includes:

  • A £12.8 million transport package. This is expected to improve road access to several key business locations, including Tess Valley Airport and the Central Park enterprise zone.
  • £5.8 for the Tees Valley Business Growth Hub. This aims to ensure that companies get the right level of support to enable expansion.
  • £3 million for the Tees Valley Advanced Manufacturing Park. This should provide vital services for the offshore wind, oil, gas and sub-sea sectors.

 

Mordaunt said: “This package is part of our long-term economic plan to boost businesses in the North and provide more security for hard-working families

“.This deal will deliver real benefits to local firms and is great news for the Tees Valley. I am delighted to be able to put pen to paper and make it happen“

The government will contribute £90.3 million to the £190 million Tees Valley Growth Fund, with the remaining £100 million coming from local partners and the private sector.

Stephen Catchpole, managing director of Tees Valley Unlimited, the Local Enterprise Partnership for Tees Valley, said: “The signing of the Tees Valley Growth Deal is important for the area as it will support the creation of hundreds of new jobs, provide state-of-the-art research and innovation centres as well as training opportunities for young people, who are our economic future, enable the building of new homes and improve transport links across Tees Valley - all of which will help benefit businesses and residents.

“The Growth Deal further empowers our local authority and private sector partners to work together to identify economic priorities and to develop investment strategies and projects at a local level.”

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