POLITICAL leaders from across the Tees Valley are due to meet today (WEDNESDAY) to discuss the fall out from the Brexit vote.

Members of the Tees Valley Combined Authority will be presented with a report outlining a number of potential risks to the area following the referendum, including managing the risks of losing up to £170 million of financial support currently received from the EU and changes to the type and level of funding and support available to business.

The report also identified a number of actions which will help the region to respond to the major change in its economic and political environment, including seeking an extension of the short-term guarantees which the Government has recently provided, to underpin the entirety of the Tees Valley’s £170 million programme of investment and ensuring EU investment is replaced by long-term devolved funding.

Middlesbrough Mayor Dave Budd, Chairman of Tees Valley Combined Authority, said: “The Tees Valley council leaders campaigned for the UK to stay in the EU, and we remain concerned about the substantial risks to our economy and the opportunities available to our citizens. But we also recognise and respect the decision taken by the British people, and will now work to ensure a Brexit that works for our area.”

The report, which will be discussed at an authority board meeting, is available at www.teesvalley-ca.gov.uk