£123 Million To Kick Start The South Tees Development Corporation
Tees Valley Mayor Ben Houchen has today hailed the Chancellor’s announcement that £123 million will be given to Tees Valley to kick-start the work of the South Tees Development Corporation (STDC), as well as a number of other positive funding announcements for the region.
The £123 million will be used towards remediating the site and will pave the way for investment from some of the 60 private companies which have already expressed serious interest to the recently established South Tees Development Corporation.
A comprehensive and fully-costed bid for cash to start regenerating the former SSI site was submitted by the STDC in September 2017. Since then, Tees Valley Mayor Ben Houchen has met with the Chancellor, Business Secretary, Local Government Secretary and the Northern Powerhouse Minister to push for this investment.
Welcoming the news, Mr Houchen said: “I have spent the best part of six months repeatedly banging the drum for our area in government. It has been exhausting, but I’m pleased to say it has finally paid off. The Tees Valley has found its voice and we are punching above our weight.
“This historic windfall is the clearest sign yet of the Government’s commitment local people. With this massive investment, we can stop talking about jobs and start delivering them.
“Over 60 private companies are lining up to down root on the former SSI site, and with this cash boost from the government we can finally get spades in the ground next year to start remediation.”
Issued by Tees Valley Mayor.