North East Investment Zone set to go live: £3 billion boost for the economy

Plans that will see up to 4,000 new jobs created and billions of pounds in investment for the North East are set to go live in April.

With the key features of the Investment Zone now agreed, Government and the Combined Authority have published details of the North East Investment Zone’s key sites here.

There are four interconnected sites developed to unlock growth across the whole region.

The Growth sites – along the River Tyne corridor and at the NETPark science and technology development in County Durham – allow businesses to have priority access to a co-investment fund which will support new investment.

The Tax sites – at Blyth Energy Central and the International Advanced Manufacturing Strategic Site (IAMSS) in Sunderland and South Tyneside – will give new and expanding businesses access to tax reliefs to encourage growth.

These sites will also benefit from upfront infrastructure investment, with region-wide investment in industry-led skills, innovation and research also supported through the proposals.

The Investment Zone will benefit from £160m of government money over the next 10 years and is expected to leverage up to £3bn more from the private sector.

Cllr Graeme Miller, Interim portfolio holder for finance and investment for the new combined authority, and Leader of Sunderland City Council, said:

“This investment will help us drive forward our ambitious growth plans and create opportunities for residents through new jobs, not just directly through these sites but also in supply chains and supporting sectors across the region.”

“Working together as a group of council leaders we are committed to getting behind businesses and making the most of the assets we have here to position the North East as the go-to place for innovation that creates real impact for our economy.”

The plans were developed with the support of the universities of Durham, Newcastle, Northumbria and Sunderland – working alongside businesses, colleges and other stakeholders.

A spokesperson for Durham, Newcastle, Northumbria and Sunderland Universities said:

“The Investment Zone will support the region’s universities in driving innovation and further boost the growth of the green economy creating the jobs of the future.”

The zone is aligned to the seven local authority areas covered by the new North East Combined Authority, which will be formed in May following the election of a Mayor.  The Mayor and council leaders will lead on development of the zone over the coming months.

Find further information about the North East Investment Zone 

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