Autumn Budget 2021 – Teesside’s potential realised by Government
Teesside has been granted a “second Budget” according to the mayor Ben Houchen, after it was confirmed that Teesside will be home to the UK’s biggest and first Freeport.
Teesside has taken centre stage, after Chancellor Rishi Sunak pledged £100 million in funding for five projects in the North East; with Teesside benefiting from a large portion of the money. The funding has been welcomed with open arms by those in Teesside, as the investment in the region will further Covid recovery efforts and help in boosting the economy.
Andrew Moorby, our Managing Partner and Head of the Teesside office said:
“The Chancellor’s funding for the region is a real positive for businesses in the area and the approval of the Freeport has shown his dedication to the area. Local employers and educational institutions have continued to work together to create the relevant training and support for workers who have the potential to thrive in the Freeport.
The restoration of the Whorlton Bridge over the River Tees and the regeneration of Yarm and Eaglescliffe has been highlighted as the priority for the funding by the Chancellor. The approved funding will go towards local projects such as improvement to facilities in local parks, implementation of new cycle routes and renovations to Yarm high street.
To have two positive announcements for Teesside in the space of two days shows how committed the Chancellor is to the area. Businesses, although remaining cautious, are accepting the developments of the Freeport and the opening means that work can get underway to make sure it benefits businesses and the region.”
It was also announced that nearly £1 billion has been invested in SABIC’s Teesside facility, creating 1000 jobs.