A multi-million pound cash injection has arrived in the Tees Valley to help boost job opportunities and improve education.
It is the first stage in a £450m deal over the next 30 years. Northern Powerhouse Minister Andrew Percy announced the transfer of £15 million government money through the ground-breaking devolution deal.
We will invest it in local priorities which give people the skills they need, and the jobs our region needs for a successful futureDavid Budd, Chair of Tees Valley Combined Authority
How it is spent will be a decision entirely for local people – through the new Tees Valley Combined Authority.
The authority will now bring forward proposals to invest the additional funding, alongside matched finance from other sources, to deliver key elements of its Strategic Economic Plan, including;
l Helping more young people to get the skills they need to get into work;
l Extending high-speed broadband;
l Supporting growth sectors of the economy to generate more jobs;
l Creating viable business cases for major infrastructure investments.
Mr 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.”
He said the investment was proof of the plans “to get the North firing on all cylinders and build an economy that works for everyone”.
Mayor David Budd, chairman 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.”