Tees Valley Investment Zone status could see Hartlepool benefit from £80m Government funding

In March Tees Valley Combined Authority was shortlisted as one of eight regions in England to become investment zones as part of the Chancellor’s Spring budget.

If successful, the initiative will see up to £80million coming to the Tees Valley area, which can come through either tax breaks, similar to a Freeport, or through direct investment.

The latest meeting of the Hartlepool Development Corporation (HDC) Board heard a business case is currently being developed with the Government to deliver the scheme.

The Tees Valley investment zone bid will see the whole of the HDC area included, along with other areas such as the Middlesbrough Development Corporation.

The Hartlepool body covers the Oakesway Business Park, retail and leisure land, including Mill House Leisure Centre and Middleton Grange Shopping Centre, along with public areas and civic buildings.

Tees Valley Mayor Ben Houchen said their bid will likely focus on cash for investment, rather than the tax breaks, and concentrate on areas such as digital and creative industries.

He said: “A lot, certainly the creative industries stuff, is going to be located in Hartlepool.

“We’re well positioned, that’s obviously going to lead to tens of millions of pounds more money coming into Hartlepool to help build on that.”

Business cases for a first wave of zones are to be signed off by “summer at the earliest”, which the Tees Valley bid is aiming for, followed by a second batch at the end of the financial year.