£40million Extra Cash for North East
The government's putting an extra £40m in to transport, skills development and business in the North East. It's hoped it'll help create up to 5000 new jobs for people in the region.
It's hoped an extra £40m of government cash will help create up to 5000 new jobs here in the North East.
The North East Local Enterprise Partnership has agreed an expansion to its Growth Deal with the Government which will see an extra £40.6m invested in the North East economy between 2016 and 2021.
It's in addition to the £289.3m of funding already coming to the area.
It's thought up to 5000 new jobs could be created and up to £130m of public and private investment attracted here.
The North East Growth Deal is part of efforts to devolve at least £12 billion from central government to local economies.
Chair of the North East Local Enterprise Partnership, Paul Woolston, said: “The North East’s economic plan 'more and better jobs' sets an ambitious vision for the North East, to transform the economy and enable more businesses to invest, grow and prosper, delivering more and better jobs for everyone.
"We are delighted that government is further supporting our proposals with such a significant investment."
A number of projects are planned here, including the River Tyne Economic Development plan, which will prevent and remedy on-going contamination on the river Tyne to allow additional development on the riverside.
Northumberland College will get a new Advance Manufacturing Centre. Upgrading facilities to improve skills levels and supporting key sectors such as advanced manufacturing, renewables and ICT.
Alongside this, Sunderland will become home to an Enterprise and Innovation Hub, which will offer office and laboratory space for manufacturing, creative and science-based businesses.