Parliament has approved a “once-in-a-generation” devolution deal which will significantly boost the regional economy across the North of Tyne.
For the government, this was an unprecedented transfer of devolved power and investment funding – representing around £600 million in total – from Westminster to the North East. North of Tyne encompasses three local authorities – Newcastle, North Tyneside and Northumberland – and each is set to significantly benefit from the landmark deal.
It is thought that the move will generate £1.1 billion for the regional economy, creating 10,000 new jobs in the process and driving more than £2.1 billion in private sector investment. The £600 million government sum will be divvied up into £20 million chunks to received each year over the next three decades, with a view to furthering the digital skills, science and rural agendas. A new North of Tyne Combined Authority will also be established, with a directly-elected North of Tyne Mayor to be elected by May 2019.
According to Northern Powerhouse Minister Jake Berry: “This deal represents over £600 million of investment into the North of Tyne and a landmark moment for devolution in the Northern Powerhouse with a new, directly elected mayor who will be a strong champion for the region.”
“The North of Tyne devolution deal is further proof that we’re witnessing a new golden era for the North East as the combined authority uses this unprecedented investment to improve public services, create new jobs and new economic opportunities.”
Councillor Nick Forbes, Leader of Newcastle City Council, added: “We still have much more to do in bringing further powers and decision making back to people here, but this devolution deal marks a big step forward in our plans to create more and better jobs across Newcastle, North Tyneside and Northumberland.
“Now we need to get on with the task at hand, investing in our region and showing the nation and beyond why this is such a great place to live, work and visit.”
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