THE Government has announced a £13m investment for the Tees Valley - and it includes a boost for Hartlepool.
An extra £13.9m will be invested in the area between 2016 and 2021 under the Growth Deal initiative.
It includes money for the planned Hartlepool Innovation Skills Quarter which will create small scale, high quality workspace and studios in the Church Street area. It will help students from Cleveland College of Art and Design and Hartlepool College of Further Education the chance to establish their own businesses.
But the Growth Deal also has further effects on the town. It will also help fund improvements for the A689 Wynyard, including road widening.
It has come about after the Tees Valley Local Enterprise Partnership Tees Valley Unlimited agreed an expansion to its Growth Deal with the Government. This is on top of the £90.3m of funding committed by the Government last July.
Up to 5,000 new jobs could be created in the lifetime of the deal, 1,500 new homes built and £150m public and private investment could be generated. The Tees Valley Growth Deal is part of a long term plan to devolve at least £12 billion from central government to local economies.
Prime Minister David Cameron 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.”
TVU chairman Sandy Anderson said: “We welcome today’s announcement about the latest Local Growth Fund allocation, which will enable TVU, its partners and stakeholders to initiate additional projects to help deliver more prosperity to the area.”
TVU deputy chairman Coun 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 £90.3m we have already been awarded, will help further boost the economy and drive growth in Tees Valley.”