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Mayor’s £100 Million “Litmus Test” Bid for Development Corporation Funds


Nov 4, 2017 #Business, #Government]

Tees Valley Mayor Ben Houchen today called for £100m of tax payers money from central government to ensure the South Tees Development Corporation can get to work with its plans to create thousands of jobs for the area.

In a bold move, Mr Houchen has described his bid for the resources as a “litmus test of the government’s commitment to Teesside”, and said the money would prepare the land ready for private sector investment as soon as next year.

Having received over 60 serious enquiries from businesses around the world, Mr Houchen said: “We have private sector investors lining up to plough money into this site, but we need to get the land cleared up and ready so we can start to see some new jobs for local people.

“I have held months’ worth of meetings with ministers and have received strong support for my proposals – but now I want the government to put its money where its mouth is.

“I’m urging the Chancellor to use the Budget on Wednesday to make this announcement. There would be no clearer sign of the government’s commitment to Teesside.

“This is the single biggest development opportunity in the UK and I want the government to cough up so we can stop talking about jobs, and start delivering them.”

The Prime Minister launched the Development Corporation in August and described the regeneration of South Tees as “a crucial step to stimulate economic growth across Tees Valley”

A draft Master Plan has since been unveiled with a blueprint to create 20,000 jobs and add an additional £1bn to the local economy.

There has been overwhelming support by local people and businesses but we must now ensure the funds are in place to deliver these plans.

By Emily