CITY leaders have been given the go-ahead for a North East enterprise zone.
The Treasury has confirmed a submission by councillors and business leaders on the North East local enterprise partnership for a zone covering parts of Durham, Sunderland, South Tyneside, North Tyneside and Northumberland.
The zone takes in the Ultra Low Carbon Vehicle sites adjacent to the A19 in Sunderland and the River Tyne North bank, including, Swan Hunter in North Tyneside, Neptune Yard in Newcastle and the Port of Tyne North Estate. It is expected that over 7,000 direct new jobs will be created in the enterprise zone by 2022.
Chair of the North Eastern LEP, Paul Woolston, said: "The Board considered a number of options for an Enterprise Zone and has made a decision, which confirms backing for the North East to become a major global player in renewable industries and technologies."
The zone will allow investors on the sites to be eligible for enhanced capital allowances - providing opportunities to access millions of pounds to support their move to the enterprise zone.
North Tyneside elected mayor Linda Arkley said: “This is a fantastic day for the whole of the North East - not just North Tyneside. The North Bank of the Tyne has historically been a real driver to the area’s economy. This enterprise zone means it will be once again.”
Mrs Arkley wrote to Vince Cable, Secretary of State for Business and Innovation and Skills in February, pressing the government to repeat the Enterprise Zone initiative that resulted in the creation of Cobalt and Quorum Business Parks and generated 15,000 jobs across the borough.