People living across the North East are set to benefit from investments in housing, health, transport and technology following today's Budget.
Announcements specifically for the North East include:
- A North Tyne devolution deal including £600 million of extra funding. The new combined authority, which will be led by a directly-elected mayor, will choose how to spend this money on local priorities. An inclusive growth board will be set up to ensure all 815,000 people living and working in the area benefit from the economic growth this creates.
- £337 million of investment to overhaul the Tyne & Wear Metro system, replacing the 40-year-old trains with a brand-new fleet.
- £59 million for transport improvements to be determined by the Tees Valley Mayor Ben Houchen to connect people to jobs and make journeys quicker for everybody. Other towns and cities across the North East will be able to bid into an £840 million fund to support transport projects in their area.
- Newcastle will become home to a Tech Hub, supporting businesses and skills in the area to thrive and prosper. This is part of a national expansion of Tech City, and the region will receive a share of £21 million to support this.
- The government will provide £5 million to help enable the South Tees Development Corporation to take ownership of the SSI Redcar Steelworks site, and will work with local partners to prepare the site for development.
- An extra £4 million boost to spending on flood defences including in Northumberland. This builds on the £26 million recently invested in the Morpeth flood alleviation scheme, which was completed last year and protects more than 1,000 local homes and businesses.
The Chancellor says there are more people in work in the North East than ever before, with an employment rate at a record high (72.7%). In the last year, the region has had the fastest productivity growth (+11.8 ppt) and rise in in household gross income (+3.9 ppt).
As new technologies create new opportunities and better jobs, the Chancellor says everyone must benefit. The Budget includes a boost for skills to give people living across the North East the training they need to succeed and get the highly-paid jobs of the future.
The Budget also backs the NHS, will help tackle the housing crisis, drive innovation and capitalise on the changing nature of the UK economy.