10.01.20
£71m government funding to enable Teesside transformation
Today (Jan 10) will see an announcement from Government, outlining a £71m investment to fund ambitious plans for former Steelworks to transform into a world-leading business zone.
Plans will see the former SSI Steelworks in Redcar converted into a huge business hub, home to trail blazing clean energy, manufacturing and tech companies.
It comes as part of a set of measures from ministers looking to level up areas of the UK, with the announcement of the recent £3.6bn Town Funds enabling local areas to grow and prosper in their own way.
The steelworks went into liquidation in 2015, leaving the site and the wider 4,500-acre South Tees Development Corporation area open to redevelopment. Since this time, a priority for the local area has been creating a key driver of economic growth in the North East.
The funding will be used on the regeneration of the area, including demolishing old buildings and preparing the location for redevelopment. The business park aims to attract a range of investment and industries to the area and create thousands of jobs upon completion.
Speaking ahead of his visit today, chief secretary to the treasury, Rishi Sunak, said:
“This is our levelling-up agenda in action, as we back Teesside’s exciting ambitions to be a global trading centre with great jobs for world-leading industries.
“We want to unleash the potential in Teesside and across the country to make the most of the opportunities available for the future.
Welcoming the announcement, Tees Valley mayor and chairman of the South Tees Development Corporation, Ben Houchen, said:
“I have always said I would be the first to ask Government for more money when we needed it for the redevelopment of the former Redcar steelworks site. So, after asking, I’m pleased we will be receiving the £71 million to help secure the site and accelerate its preparation for private sector investment.
“It is fantastic for our region that Rishi Sunak and the Treasury have made this money a top priority and announced it in the first few weeks of the new Government. This is another significant step to help us breathe new life into an area that was devastated following the closure of the steelworks in 2015.”
A strategy will be set out by The Development Corporation later in 2020, confirming the vision of making the area a leading location for clean energy, low carbon and hydrogen and the application of industrial decarbonisation and clean growth technologies.