- Tyne Tees
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The Regional Growth Fund is extremely competitive and in any bidding process there have to be winners as well as losers.
Jonny Blair has been taking a look at one company which is celebrating after catching the Government's eye.
You can watch his full report below.
The future plans of Durham Tees Valley airport are being drastically revised after it failed to secure Government investment.
One MP says the region has lost out on more than 40 million pounds and 1,400 new jobs.
Instead, ten other projects in the North East won millions of pounds to expand.
You can watch the full report from Dan Ashby below.
There are concerns for the future of a North East airport after the Government turned down funding for a 4.6 million pound expansion plan.
Bosses at Durham Tees Valley Airport had hoped to secure the Regional Growth Fund cash to generate new jobs and investment.
This is the latest in a series of funding problems at the airport in recent years.
The Labour MP for Sedgefield, Phil Wilson, has described the decision as 'short-sighted and narrow-minded'.
Durham Tees Valley airport chiefs have said they are "extremely disappointed" at the news that, for a second time, their bid for funding to support a multi-million pound development plan has not been approved.
The airport was hoping for £4.65million from the Government’s Regional Growth Fund to contribute towards the construction of a new access road to land on the south side of the airport.
The airport say there was the potential to create 1,400 new jobs over the next ten years.
The Government has today announced the projects who are set to benefit from its Regional Growth Funding.
The list of bidders with conditional offers in the North East are:
- Air Fuel Synthesis Ltd / Crane Services (UK) Ltd
- JDR Cable Systems Limited
- JDR Enterprises Limited
- Molplex Limited
- NET Power Europe
- Tees Valley Innovation and Skills Growth Hub (Stockton Borough Council - Programme)
- Bringing Finance to Businesses in the North East (Sunderland City Council - Programme)
- Thomas Swan & Co. Ltd.
- Sunderland City Deal Infrastructure Development (Sunderland City Council - Programme)
- Tinsley Special Products Limited