Paul Woolston, North East LEP Chair, said: “We warmly welcome the historic devolution deal which represents a huge opportunity for the North East to chart its own course for economic growth and success.
“The government has given our region an unprecedented opportunity which we intend to seize working with our partners across the North East.
“The devolution deal represents an important day in the region’s economic history and demonstrates the scale of the North East’s ambition for growth and prosperity.
“We are also delighted to see that the government recognises the need for the North East Local Enterprise Partnership to have a key role and powers as part of the region’s devolution deal.
“A lot of hard work still needs to be done to ensure that business and the North East LEP play a central role in the delivery of the region’s strategic economic plan.
“Drawing on the world-class knowledge, acumen and experience of our business community is crucial to ensure the North East makes the very most of this devolution of powers and spending.
“The LEP will continue to provide a strong voice for the business community and it is important that it is positioned so that the new mayor has access to a business-led resource with appropriate powers.
“We will embrace the changing role of the LEP which will focus on providing leadership and driving forward on innovation, business support, access to finance and enterprise zones.
“We will continue to work with partners to improve skills needed to deliver growth.”