The government is boosting economic growth with £1bn funding for 55 transformational from the third round of the levelling up fund.
This will drive forward the Prime Minister’s priority to grow the economy by levelling up and provide the foundations for building a better future in communities across the UK. This includes almost £20m to help create a restoration facility to sustain the use of the River Tyne and access to quays to support economic activities, unlocking over 700 new jobs.
A fund of £20m for South Tyneside will revitalise South Shields riverside through three highly impactful projects, including the redevelopment of the Grade II listed Customs House cultural hub.
Levelling Up Secretary Michael Gove said: “Levelling Up means delivering local’s people’s priorities and bringing transformational change in communities that have, for too long, been overlooked and undervalued. Today we are backing 55 projects across the UK with £1bn to create new jobs and opportunities, power economic growth, and revitalise local areas.
“This funding sits alongside our wider initiatives to spread growth, through devolving more money and power out of Westminster to towns and cities, putting in place bespoke interventions to places that need it most, and our long term plan for towns.”
Full list of projects receiving funding in North East:
- Almost £20m will help create a restoration facility to sustain the use of the River Tyne and access to quays to support economic activities. This activity will help protect thousands of jobs and unlock over 700 new ones, whilst meeting the needs of the offshore energy sector and increased international trade.
- A fund of £20m for South Tyneside will revitalise South Shields riverside through three highly impactful projects. This investment will redevelop the Grade II listed Customs House cultural hub; a ‘ground-breaking’ Centre for Excellence at the Holborn Renewable Energy Network; and accommodation as part of the relocation of South Tyneside College.
- Billingham town centre in Stockton-on-Tees will be regenerated with the support of £20m from the Levelling Up Fund. This project will create a vibrant, modern town centre that safeguards its retail businesses and levels up its high street.
Growing the economy and making the long-term decisions to deliver the change the country needs is a “priority” for the Prime Minister. Today the Chancellor is also confirming the Investment Zones programme in England will be extended from five to 10 years, with the envelope of government funding and tax reliefs on offer now doubled to £160m.
By Matthew Neville – Senior Correspondent, Bdaily
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