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New body to secure investment for Tees Valley

Plans to drive growth, create jobs and secure the economic future of Tees Valley took a major step forward as local leaders were put in pole position to transform the former SSI steelworks site.

Former Deputy Prime Minister Lord Heseltine revealed plans would go full-steam ahead for a new Mayoral Development Corporation – the first of its kind outside of London – to drive forward regeneration and local economic growth in the Tees Valley area.

Work will start immediately to form the corporation. This will offer a vehicle for greater powers to be devolved, in areas including regeneration planning and business support. These powers will be available at the new Mayor’s disposal so the area can quickly take up economic opportunities as they arise.

Since the closure of SSI in October, the government has put in place a multi-million pound package of support for the affected local community. Lord Heseltine has been tasked with encouraging investment to create new job opportunities across the Tees Valley.

He visited PD Ports to witness the completion of a multi million-pound project to upgrade and improve infrastructure at Teesport – located at the centre of the site that will benefit from the new Mayoral Development Corporation (MDC).

Local business leaders say the investment will play a role in the return of economic vibrancy to the area – something the new corporation will look to deliver by securing investment from the UK and overseas to bring in new jobs and businesses.

Communities Secretary Greg Clark said:

“The closure of the SSI site has been incredibly difficult for Redcar and the wider Tees Valley and we’re determined to continue our support for the local community.

Already, up to £80 million government funding is in place to ensure former SSI workers and local affected businesses get the support they need.

This new Mayoral Development Corporation is the next step, putting local people who know the area best at the heart of driving regeneration and delivering new businesses and jobs for the community.”

The Author

Gemma Gaughan
Media Researcher
BiP Solutions

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The Author

Gemma Gaughan
Media Researcher
BiP Solutions

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