A MILLIONAIRE Tory tipped as a potential North-East mayor has launched a new campaign backing devolution for the region.

Jeremy Middleton, founder and chief executive of Middleton Investments, has formed North East Says Yes! to be the voice of North-East businesses in the devolution debate.

He said: “We believe that current political developments mean there is an opportunity and a need for new political, economic and social ideas in the North-East.”

The group has the backing of Alastair Balls, a former senior economic advisor to the Treasury and now chairman of the International Centre for Life, who said: “The way the Northern Powerhouse agenda is developing represents an opportunity for social and economic renewal in the North-East and North East Says Yes is all about bringing fresh, real life thinking to this.”

A North-East devolution proposal announced last month (October) would see two million people from the River Tees to the Scottish border get a directly elected mayor with powers over economic development and skills, transport and planning, plus £30m a year for an investment fund.

Consultation has begun and County Durham residents will be given a vote early next year.

A similar devolution package is on offer for the Tees Valley, with a £15m-a-year investment fund.

Critics say the public’s views are being ignored as ministers and council leaders talk behind closed doors.

But Mr Middleton, who sits on the North East Local Enterprise Partnership (LEP) board, wants North East Says Yes to “encourage, research and promote new ideas and inform policy discussion that is based upon the real experiences and needs of the region’s business community”.

Funded by public donations, it will commission studies and reports from leaders in business, academia, the media, education and public services, to be published on its own website.

The first elections for regional mayors could be held in May 2017.