The North of Tyne Combined Authority has announced that it has been given the go-ahead to progress with significant investment I the regent, thanks to a government assessment.
Passing the first of its ‘Gateway Reviews,’ the combined authority has now been able to unlock £100 million worth of investment over the course of the next five years. The £20 million per year project comes as part of the new North East Devolution Deal that will come into effect in May 2024, with the funding being put into the North of Tyne Combined Authority (NTCA) until the new North East Mayoral Combined Authority is established. Once this has happened, the funding will be allocated into the new region-wide investment fund.
CEO of the North of Tyne Combined Authority, Dr Henry Kippin, said:
“This is excellent news for our residents, businesses and communities – testament to the leadership of our cross-party Cabinet and much dedication, hard work, and collaboration across the NTCA and local authority teams.”
Dehenna Davison MP, Minister for Levelling Up, wrote to the mayor saying that the news would give the NTCA certainty to continue investment until the authority closes, as well as clarity during the transition process.
James Driscoll, Elected Metro Mayor for the North of Tyne, added:
“This is much more than just a thumbs up – its validating and sets a confident tone as we get ready to take things t the next level. Hats off to the team for getting us past this important milestone.”
Since it was established in 2018, the North of Tyne Combined Authority has been able to commit funding of £116 million from the current Investment Fund, whilst also leveraging private sector investment worth an additional £292 million.
Image credit: iStock
