An initiative that aims to create 4,000 new jobs in the North East has set out the four areas in which it will operate.
The North East Investment Zone will benefit from £160m of Government money over the next 10 years, which is hoped will unlock hundreds of millions of pounds more in investment from the private sector. The scheme - first announced by last November - will focus on clean energy and green manufacturing.
Officials behind the plans have now outlined how Investment Zone tax sites - which will give new and expanding businesses access to tax breaks to encourage growth - will be set up at the Energy Central area and the International Advanced Manufacturing Strategic Site, close to the Nissan plant at and .
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Meanwhile, Investment Zone growth sites, where businesses will have priority access to an investment programme, will be established along the River Tyne corridor and at the NETPark science and technology development near Sedgefield, in .
The scheme aims to support new jobs in sectors of the economy where the North East has existing strengths, with the new North East devolved authority taking charge of the plan after the mayoral election in May. The proposals are expected to be given final Government approval in March with implementation from the Spring.
Coun Graeme Miller, interim portfolio holder for finance and investment for the new combined authority, and leader of Sunderland City Council, said: ?This region wide investment is a great example of the seven councils coming together and making decisions to benefit the North East, with the benefit of strong relationships with business and an understanding of our communities. As a group of council leaders we are leading the establishment of the new combined authority and this investment zone would not have been possible without this joint effort. The investment, and private sector investment it will leverage, will have a real impact for our residents, now and for many generations to come.
?We are already recognised as world leading in clean energy and green manufacturing and this just further cements our position as the best place to do business in these sectors.?
The plans have also been welcomed by Coun Nick Kemp, leader of . He said: ?Newcastle and the River Tyne is at the heart of the Investment Zone and strategically important to the regeneration of the region.
?We have proud industrial roots. It is in the fibre of the city. We are pioneers of innovation and investment in these projects will bring us to the forefront of a new green revolution and create thousands of jobs for residents. This is another exciting step in further investment for the region and we will continue to work with partners to make sure Newcastle reaps the benefits of growth and prosperity across the North East.?
Chancellor Jeremy Hunt announced 12 Investment Zones around the º£½ÇÊÓƵ in his last November, with sites being set up in the West Midlands, Greater Manchester, South Yorkshire, West Yorkshire, East Midlands, Teesside, and Liverpool, as well as the North East, plus two in Scotland and one each in Wales and Northern Ireland. A handful of the sites - which Mr Hunt described as ?new Canary Wharfs? - have already begun operation.
