A MONEY-SPINNING deal to bring jobs and new development to the Tees Valley has been signed.
The Government’s Minister for Cities Greg Clark was in the area to sign the agreement, giving the area more control over its economic destiny.
Tees Valley Unlimited, the local enterprise partnership for areas including Hartlepool, has worked with local authority and private sector partners to create the Tees Valley City Deal.
This secures £12m allocated directly and a further £22m of programmes announced during the City Deal negotiation process.
It will safeguard key industries, sustain employment and create a solid base for future economic growth.
Mr Clark hailed it as “an important breakthrough for the whole area. By connecting industrial plants north and south of the Tees, the City Deal will allow the by-products of one process to be the inputs for others. This gives the Tees Valley a big advantage over the competition. The deal also offers support to new and growing businesses to help them achieve their potential.”
TVU managing director Stephen Catchpole said: “City Deal is an important part of Tees Valley’s economic development jigsaw. It gives greater control over our economic destiny by enhancing TVU’s ability to attract private investment, boost skills and create jobs.”
TVU chiefs predict the City Deal will deliver 3,500 supply chain or indirect jobs, safeguard 800 existing Tees Valley jobs; and create £10m of private sector investment.
Councillor Christopher Akers-Belcher, leader of Hartlepool Borough Council, said: “Local councils have worked extremely hard along with the business community and other key organisations to win City Deal status for Tees Valley. This area has a long and proud industrial heritage and City Deal will provide an opportunity to further enhance economic prospects; creating jobs and prosperity for local people.”