Greg Clark, the Minister for Universities, Science and Cities, today visited Science Central in Newcastle to sign the North East Growth Deal, which will see nearly £330 million of government funding invested into the North East.
The minister joined Paul Woolston, Chair of the North East Local Enterprise Partnership (LEP), to sign the Growth Deal at Science Central. Over the lifetime of its deal (2015 to 2021) the LEP estimates that up to 5,000 new jobs will be created.
Greg Clark, Minister for Universities, Science and Cities, said: “Growth Deals show just what can be achieved when businesses, local leaders and the government work together to build a long-term plan for the local economy.
“The Growth Deal is a historic deal between central government and local leaders and businesses, by devolving powers and money from Whitehall to the North East so that local areas can lead their own growth.
“The Growth Deal I am signing today builds on the region’s strengths – the projects to improve local transport infrastructure, boost skills and drive innovation will play an important part in the region’s growth in the future.”
An expansion of £40.6 million of government funding was announced on 29 January 2015, on top of £289.3 million when the Growth Deal was originally announced in July 2014.
Growth Deals are a £12 billion long-term programme to revitalise local economies. The deals are the latest and greatest example of the British economy being rebuilt from the bottom up, and sharing the benefits of the recovery around the country.
Local businesses and council leaders have been invited to open discussions immediately on the next set of projects to be funded, building on the momentum that has been established.