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LEP report adding £367m to North-East economy
HUNDREDS of millions of pounds of investment into the North-East economy has been secured by a local enterprise partnership over the past 20 months, according to its annual report.
Since April 2011, local enterprise partnership (LEP) Tees Valley Unlimited (TVU) has directly supported projects to secure a total of over £367m capital expenditure to the area.
The organisation also says it has helped to create or secure 3,400 jobs within the Tees Valley in that period.
Since April 2011, TVU has: • Directly supported projects to secure a total of over £367m capital expenditure to the Tees Valley; • Secured five companies into the Tees Valley Enterprise Zone - Omega Plastics, Propipe Limited, Air Products, Traceco and Durable Technologies, representing a £200m investment and creating 111 jobs.
• Supported companies who have taken up a total of £16m Regional Growth Fund (RGF) finance, leveraging in an additional £153.9m capital expenditure and securing 2,411 jobs.
In addition, the report said that since 2007, the Tees Valley Unlimited Partnership has secured more than £23m of European Regional Development Funding (ERDF), leveraging an additional £25m match funding.
The money, said TVU, will create 1,460 jobs, safeguard a further 915 jobs, and create or attract 277 businesses to the area.
A further nine projects have been selected onto the programme and are in the process of developing full applications with the potential to secure £17m ERDF and £22m match funding, with TVU has directly supporting two-thirds of this investment.
TVU’s leadership board chairman Sandy Anderson said: “The progress that has been made would not have been possible without the support of our partners, particularly the five local authorities.
“This collaborative working with the support of stakeholders across the private, public and voluntary sectors in Darlington, Hartlepool, Middlesbrough, Redcar and Cleveland and Stockton has been the bedrock of our success so far.
“We are committed to further widening and improving the relationships we have with businesses, government and partner organisations to increase our ability to remove barriers and encourage economic growth.”
“Our strategies have moved to delivery phase and this overview demonstrates results are starting to be seen.
“With the support of our partners, we are committed to creating an environment that encourages sustainable economic growth and long-term prosperity allied with transforming Tees Valley into a high value, low carbon, more diversified economy. ”
The full report and interactive TVU Partnership Business Plan are available on the TVU Website – teesvalleyunlimited.gov.uk.