What will the devolution deal do for the local economy?
An investment fund of £20 million per year will be used to develop the infrastructure to support our economic strengths in sectors like energy and offshore engineering, life sciences and healthcare, digital and creative industries, and the culture and tourism economy.
The investment fund will provide financial support to deliver important projects to improve educational attainment and skills, which will lead to an increase in the area’s productivity. Our vision is to create an economy with above average wages and below average unemployment.
We expect this investment – of £600 million in total – to generate £1.1 billion for the local economy and leverage £2.1 billion in private sector investment. It will also create a wide range of new and better jobs at all skills levels.
Will this deal provide more job opportunities?
Our new powers and funding will be used to create more job opportunities for all.
Funding will be used to provide skills and training at all levels and for all ages. This will give residents the opportunity to upskill, retrain and develop the skills they need to access jobs in existing and growing sectors.
We expect our investment will create 10,000 new and better jobs in the North of Tyne area that will provide employment opportunities for our residents and people in the wider North East.
How will the new combined authority work with businesses?
The new combined authority will work closely with the business community to grow and develop our economy. The Elected Mayor will appoint a Business Ambassador to strengthen the working arrangements between the North of Tyne Combined Authority, the North East Local Economic Partnership (North East LEP) and the private sector.
A representative from the North East LEP will also sit on the North of Tyne Combined Authority board. The two organisations, alongside NECA and other local authorities, will work together to continue to deliver the Strategic Economic Plan for the North East.
How will the new combined authority work with the community and voluntary sector?
The new combined authority will work closely with the community and voluntary sector, which will play a key partnership role in delivering its priorities particularly in regards to ensuring everyone can access the new opportunities offered by the deal.