Its good news all round for Newcastle and Gateshead with the city deal with the Coalition Government. So what’s involved?
- Creation of an Accelerated Development Zone for Newcastle and Gateshead – a commitment by central government to ring-fence business rate income in four growth sites and to retain the locally. This will allow both councils the financial freedom to deliver ambitious plans for private sector-led growth, initiating a £90m infrastructure programme
- The Government and Newcastle City Council will also work together to secure a further £500m in private sector investment to create 8,000 jobs in the marine and offshore engineering sector in the north-east, and “position Newcastle as a pioneer in the low carbon economy”. The deal also includes initiatives on transport, broadband, employment and skills, and housing
- Governance: Newcastle will work with other local authorities towards creating a combined authority for the whole north-east. Separately, in response to the governance requirements of the Accelerated Development Zone, Newcastle and Gateshead intend to further strengthen their partnership, by giving it formal decision-making powers and making it subject to greater scrutiny and accountability
- Newcastle will also be given a say over how former regional development agency assets are used in the city.
Speaking ahead of the announcement, Newcastle Council leader Nick Forbes said: “This is an innovative and groundbreaking scheme in which we are given the financial flexibility to invest in our own future, and is a major vote of confidence in this city.
“While there a many parts of Government policy I disagree with they have here signalled a commitment to devolving significant powers to us and that is very welcome.”
Come on them councils how can local businesses get involved?
Some good news for the North East – well done Newcastle and Gateshead councils!