Member Article

Tees Valley ‘ready as ever to deliver in a global marketplace’, Lord Heseltine

Former Deputy Prime Minister Lord Heseltine has revealed proposals to rejuvenate economic prosperity in the Tees Valley, believing the region to ‘ready as ever to deliver in a global marketplace’.

Following last year’s closure of Redcar steelworks, Heseltine was asked by the government to look at how the area could go about attracting investment and bounce back as a powerhouse of economic activity.

Once the epicentre of the industrial revolution, Heseltine envisions that Tees Valley could again be a global investment hotspot and huge generator of growth, as he lays out a series of proposals for cultivating a sustainable economic future.

Report

His independent report is the culmination of a five-month review, which included a series of visits to the area where Lord Heseltine met with local civic and business leaders, as well as investors.

Lord Heseltine believes innovative thinking needs to be supported. His proposals to create the conditions for the area to prosper include:

• establishing the South Tees Development Corporation promptly
• combining all business advice and support – currently offered by several local bodies – into one service
• the Combined Authority becoming the source for ambitious, visible and determined leadership to transform education and skills across the Tees Valley
• the Government seriously investigating extending the Transpennine electrification scheme to include the Northallerton-to-Teesport line.

Lord Heseltine explained: “Tees Valley has shown time and again that spirit and skill are the essential ingredients for a successful Northern Powerhouse.

“This area has flown the flag for Britain around the world for centuries, and is now looking to make its mark in sectors as diverse as advanced manufacturing, energy, chemicals and processing, digital and logistics.

“The region is ready as ever to deliver in a global marketplace and I set out today how we can support this admirable ambition for it to once again assert its character on the world stage.

“I have been impressed by the determination of local people to lead this opportunity, and am looking forward to seeing their ambitions realised and the economic benefits this will bring not just for the Tees Valley or Northern Powerhouse, but for the country as a whole.”

Northern Powerhouse Minister James Wharton added: “This Government is committed to rebalancing the economy by creating a Northern Powerhouse – the Tees Valley, with its great vitality of spirit, is a key part of that.

“The history and heritage of this area is well known, as it was the heartbeat of the first industrial revolution. I look forward to working with local leaders and colleagues across the Government to ensure the full potential of this area is realised once again.”

Looking to promote your product/service to SME businesses in your region? Find out how Bdaily can help →