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22/02/2016

Mayoral Development Corporation announced for the North-East

Words: Laura Edgar
Tees Valley

It’s “full-steam ahead” for plans to establish a new Mayoral Development Corporation to drive forward regeneration and local economic growth in the Tees Valley, says Lord Heseltine.

Work is expected to begin straight away to form the corporation.

The body, the government said, would offer a vehicle for greater powers to be devolved in areas including regeneration planning and would be available to the mayor.

Since the SSI steelworks site in Redcar closed in October last year, the government has announced packages to support the local community while it appointed Heseltine to chair a new inward investment programme for the Tees Valley.

The corporation’s work would involve securing investment from the UK and oversees to bring in new jobs and business, said the government.

Heseltine said the key to the economic future of the Tees Valley would be the regeneration of sites and securing “strong business investment to create jobs for the skilled workforce affected by SSI’s closure”.

“Under dynamic leadership the new Mayoral Development Corporation will provide the strategic vision to make that happen and give investors from the UK and abroad the confidence to put down roots in the Tees Valley for years to come,” he said.

Sue Jeffrey, chair of the Tees Valley Shadow Combined Authority, said the announcement “can’t be just about new structures and boards – we will work with government to secure the necessary powers and funding to create a viable future for the area as a whole”.

A devolution deal for the Tees Valley Shadowed Combined Authority was announced last October, with a Mayoral Development Corporation part of the agreement.

Image credit | iStock

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