The Government has announced the first transfer of funds under the Tees Valley devolution deal, with £15m of the total £450m provided under the 30-year arrangement now in local hands.
The Tees Valley Combined Authority will bring forward proposals to invest the additional cash to deliver its Strategic Economic Plan. Ministers said the money would also be boosted by matched finance from other sources.
Under the devolution deal, Tees Valley is also in line for bus franchising powers through the Bus Services Bill as well as its first-ever directly-elected mayor, with elections set to take place in May 2017.
Northern Powerhouse minister Andrew Percy said: ‘The people of the Tees Valley came up with an ambitious devolution deal which puts them back in charge of decisions that matter to them.’
Mayor David Budd, chair of Tees Valley Combined Authority said: ‘The Tees Valley has ambitious plans to create jobs and grow the local economy.
'Devolution gives us the opportunity to deliver locally-led initiatives to transform our economy – far more effectively than decisions made behind a desk in Whitehall.
‘This additional funding negotiated through our devolution deal, as the first payment of a 30-year commitment, is one more step on this journey.
‘We will invest it in local priorities which give people the skills they need, and the jobs our region needs for a successful future. We will continue our dialogue with government to secure further commitments, and to become a flagship for successful devolution.’
Register now for full access
Register just once to get unrestricted, real-time coverage of the issues and challenges facing UK transport and highways engineers.
Full website content includes the latest news, exclusive commentary from leading industry figures and detailed topical analysis of the highways, transportation, environment and place-shaping sectors.
Use the link below to register your details for full, free access.
Already a registered? Login
