Good news for the North East in the Budget.
The North of Tyne Devolution deal has been confirmed which will bring extra funding and powers from Westminster to the North East region. In transport, £337 million will be allocated to fund a new fleet of Metrocars for the Tyne and Wear Metro – an investment that was desperately needed and will help close the gap in transport funding between the North East and other parts of the country.
The government will also provide funding of £123m for the transformation of former SSI steelworks site in Redcar. This project will create 20,000 jobs and add £1bn to the local economy over the next 25 years.
The North East business community has been calling for these projects and investment for some time and now it's down to this community, where we have one of our largest offices, to make the most of this opportunity and to help build an ever more resilient regional economy creating more opportunities for the region.