The North East will be amongst those regions benefiting from a £500m growth fund, it was announced yesterday. The Growing Places Fund, to be operational early next year, is focused on developing infrastructure projects, and getting currently-stalled projects up and running.
Outside of London the North East is receiving the 5th largest amount of funding at almost £17m, out of the 15 other partnerships. The Fund is a key part of the Coalition's growth strategy, and will be used by the government's Local Enterprise Partnerships distribute locally.
The Fund can be used for a wide variety of projects including development of strategic link roads, enabling the delivery of homes and commercial space - all with the aims creating jobs and securing private investment.
The North East has a tough task in re balancing our economy. This cash is a welcome boost towards helping us achieve that aim and creating as many jobs here in the North East as possible.