The Chancellor and PM will visit the North East tomorrow (Friday, March 15) after backing the Crown Works film studios project in Sunderland in last week’s budget.

Jeremy Hunt last week announced £37m of grants plus a new “trailblazer” deal with the new North East Mayoral Combined Authority (NEMCA) which will give local leaders powers to help deliver the regeneration project on the banks of the Wear.

It’s thought NEMCA will use £25m of this funding on the Crown Works site.

The site will be one of the largest film-making facilities and could employ 8,000 people.

The joint venture between Fulwell 73 and Cain International, known as FulwellCain, will see the partners invest £450 million into the project.

NEMCA will designate the site as a “growth zone”, allowing Sunderland City Council to retain 100 per cent of business rate growth for the next 25 years.

It is expected to attract major films and high-end TV series to be made in the North East, bringing in millions of pounds of investment annually.

Both Jeremy Hunt and Rishi Sunak will visit the city on Friday.

Chancellor of the Exchequer Jeremy Hunt said: “Our creative industry doesn’t just win awards – it’s worth over £125bn to our economy and supports over two million jobs.

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“That’s why we’re continuing to back it with a £1 billion package of tax reliefs - and it’s fantastic to see this investment in Sunderland which will help nurture the next generation of local talent, also helping to grow our economy.”

Leo Pearlman, Managing Partner of Fulwell 73: "Crown Works Studios will help transform Sunderland into a global hub for big budget film and TV production - and enable the North East to play a leading role in our most exciting sector.

“This funding will kick start a project that will eventually bringing an annual economic boost of £336m to the North East - while also enhancing the UK's studio capacity to help us remain globally competitive.”