Major progress has been made in the push to create jobs, propel growth, and strengthen the future economic prosperity of the Tees Valley.
Lord Heseltine, the former Deputy Prime Minister, confirmed that a Mayoral Development Corporation (MDC) would be formed to push local economic growth and regeneration in the area. This initiative, the first of its kind to be formed outside of London, will put local residents at the heart of the drive to deliver new jobs and businesses.
After SSI closed in October, the government has put together a multi-million pound support package for the community. Lord Heseltine has been encouraging investors in the UK and overseas to help create new jobs across the Tees Valley.
He recently visited PD Ports to watch the completion of a project to improve Teesport infrastructure. It is located in the middle of the site that will benefit from the new MDC.
Local business leaders predict that the investment will rejuvenate the local economy. Communities Secretary Greg Clark stated that the closure of SSI had been difficult for the entire Tees Valley area, and he is determined to continue gathering support for the local community.
Mr Clark confirmed that up to £80 million in government funds have been pledged to ensure that former SSI employees and businesses affected by the closure will get much-needed support.
Lord Heseltine said that the new Mayoral Development Corporation will provide the vision and the drive to regenerate the area and give investors the confidence to sink their money into a new and improved Tees Valley infrastructure.