Crown Works Studios
Plans to create a huge film and TV studio complex on the banks of the River Wear took a major step forward this year when a campaign by The Journal and other North East newspapers helped garner financial support from the Government.
It is hoped that the development by Fulwell 73 and Cain International will support thousands of jobs in the North East across a range of trades, as well as bringing star names and top productions to the region.
Virgin Money taken over by Nationwide
The deal which saw Newcastle challenger bank Virgin Money taken over by the country’s largest building society was first announced in March, completing just over six months later.
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The deal sees Virgin Money, which itself took over parts of Northern Rock in 2011, return to the mutual sector. Nationwide has said that it is committed to Virgin Money’s Newcastle base and is not planning job cuts in the short term, but the acquisition sees the North East lose one of its largest companies.
Hitachi
A story with a happy ending (for now at least).
The train manufacturer spent much of 2024 warning over its future as orders for new work came to an end. Prime Minister Sir Keir Starmer visited the Newton Aycliffe factory in December to announced a £500m deal that provides security for hundreds of workers in the medium term.
SpaceX invests in Filtronic
There aren’t many names in business bigger than Elon Musk right now, and his company SpaceX took a stake in County Durham telecoms firm Filtronic as part of a major order.
Filtronic also announced plans to move to a bigger base as part of the expansion of NETPark and is also planning to launch a new base in the South East.
WealthTek
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Last week saw former WealthTek boss John Dance charged with fraud and money laundering. He will appear in court early in the New Year.
Between 2014 and 2023 Mr Dance is said to have transferred more than £64m from client accounts to those he controlled, with the Financial Conduct Authority alleging he used funds to buy racehorses, as well as a nightclub and other property.
Wind turbine centre
The world’s most advanced wind turbine testing facility will be built at Blyth as part of an £86m Government investment in wind power that aims to create growth while slashing carbon emissions.
It is hoped that the Offshore Renewable Energy (ORE) Catapult facility - which will test and certify 150m-long turbines blades, with the capacity to expand to test larger kit in the future - will put the region at the front of the burgeoning renewables industry.
Devolution
The North East got its first regional mayor this year, with Labour’s Kim McGuinness elected to lead a cabinet that includes representation from all three main political parties, as well as urban and rural areas.
The combined authority had been given expanded powers before it even began and has made significant investments into renewables, the rural economy and housing sites, as well as aiming to reduce child poverty and improve skill levels in the North East.
Nissan problems
Nissan has barely been out of the headlines in recent few weeks as the automotive sector as a whole faces significant challenges.
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The company announced 9,000 global job losses, although it is not clear how its Sunderland plant will be affected. It also lobbied the Government for changes to its zero emissions vehicles mandate and has now confirmed that it is in merger talks with Honda.
Budget
Labour made much of the dire economic inheritance it discovered after its July election victory.
That sentiment carried on into Chancellor Rachel Reeves’ Budget, which increased employers’ National Insurance contributions and, with it, a widespread loss of business confidence. Improvements to public services will be needed in 2025 to convince firms that the extra cost has been worthwhile.
Windows
One of the sadder stories of the year saw much-loved Newcastle music shop JG Windows announce its closure.
Among those lamenting its loss was Pet Shop Boys singer Neil Tennant, who said: “As a teenager I used to visit after school and ask to listen to David Bowie in one of their stereo listening booths and then browse through the records and sheet music and wish I could afford a posh guitar. It will be much missed.”