Newton Aycliffe exists as a town today because of the vision and beliefs of William Beveridge.

The man credited with creating the welfare state also identified land between Aycliffe and Middridge as the ideal location for the post-Second World War Government to establish the most northerly of its New Towns.

He wanted to build a town that could achieve full employment – defined as only having three per cent of people capable of holding a job being out of work.

More than 60 years on, Newton Aycliffe is a town of great enterprise. While its unemployment rate falls short of full employment, its bustling industrial estate is one of the key engine rooms of the County Durham economy.

Beveridge, who was a Liberal, worked in coalition with the then Labour Government to improve the fabric of our county. Now, more than half a century on, we are urging the coalition Government to support an initiative that would be the most significant development in its short yet high-profile history.

It is no overstatement to say Hitachi building trains for the Intercity Express Programme (IEP) at Newton Aycliffe would be as significant a boost to the regional economy as the 1984 deal with Nissan to build a car plant in Washington, Wearside.

Nissan is a stunning example of the impact on jobs and wealth creation that attracting the right inward investment can bring.

Experts predict that nearly 1,000 direct jobs and up to 8,000 indirect jobs would be created over the next 20 years if Transport Secretary Philip Hammond approves IEP and Hitachi commits to Newton Aycliffe as the base for its manufacturing operations.

The Government has many tough decisions to make ahead of publishing its Comprehensive Spending Review next month. It has clearly stated it will consider each on merit and focus on the economic return each will bring.

A report compiled by independent consultants highlights predictions by economists that the rail programme will bring £48- worth of benefit for every £1 spent in the region. It would be worth a staggering £660m over the next 20 years.

Whether or not bringing rail manufacturing back to County Durham will finally see Lord Beveridge’s vision of full employment in Newton Aycliffe achieved remains to be seen, but the impact it would have will exemplify his aims of bringing prosperity and opportunity to all.

If we are looking to invest in projects that will generate growth and rebalance the economy, there is no better initiative than this to make a difference in this corner of the UK.