FORMER Deputy Prime Minister Lord Heseltine has predicted an “incredible transformation” for the Tees Valley as he launched a new ten year strategic economic plan.

The plan, published by the Tees Valley Combined Authority, an amalgamation of the region’s five local councils, envisages that by 2026 25,000 additional jobs will be created and an extra £2.8bn injected into the Tees Valley economy.

Lord Heseltine, who was drafted in by the Government to help the region recover from the devastating closure of SSI’s Redcar steel plant, spoke to business leaders at an event in Darlington and said: “If there was a Tees Valley PLC I could invest money in I would give it serious consideration.”

The 83-year-old published his own independent report in June which included a raft of recommendations to deliver economic growth in the Tees Valley.

The strategic economic plan aims to attract new businesses, promote Teesport as the principal European goods access point for the North and create centres of innovation and technology when it comes to research, development, innovation and energy.

Other aims are increasing the number of young people in education, employment and training as well as expanding the number of new homes.

On transport it makes plans to connect Darlington to the new HS2 rail project a priority along with the creation of an additional Tees Crossing to ease congestion on the A19, for which almost half-a-million pounds was committed in last month’s Autumn Statement.

The plan also envisages a bid for the Tees Valley to be 2025 ‘City of Culture’.

It states that since 2011, £223m of investment has been secured for the area of which £169.8m came from the European Commission.

But in a nod to the potential impact of ‘Brexit’, it concedes that without such support it will be “extremely challenging” to achieve economic growth and that it is “essential” replacement resources are found.

Meanwhile, officials also conceded the plan was not new and was instead a “refreshed” version of a strategy published two years ago and intended to coincide with the establishment of the combined authority, which will receive £15m worth of funding each year.

A spokeswoman said: “A great deal has changed since 2014 so it was felt to be a good opportunity to go back to speak to businesses and our other partners about what their priorities are and goals going forward.”

The Tees Valley economy is worth about £12.3bn a year and said to include “world class expertise” in chemicals, energy, health innovation and advanced manufacturing with further growth potential to be unlocked.

Welcoming the plan, Lord Heseltine said it was a comprehensive set of proposals, “impressive and optimistic”.

He said: “We are not talking about short term gimmicks we are talking about the long term evolution of an economy.”

Dave Budd, Mayor of Middlesbrough and chairman of the combined authority, said: “Our new plan demonstrates our determination to continue to transform our economy, accept devolved responsibilities, and set a new industrial strategy to attract investment and create good quality jobs.”

Paul Booth, chair of Tees Valley Local Enterprise Partnership, said the industrial strategy showed “real ambition” for business growth and he encouraged everybody in the business community to play a part.