In January 2019, at a Special Cabinet meeting, Tees Valley Combined Authority agreed an Investment Plan for 2019-2029, which set out the focus for our investments to create new jobs, grow the skills base and improve our infrastructure.
With the creation of the Tees Valley Combined Authority in 2016 and the Mayoral election in May 2017, the Devolution Deal with Government in 2015 provides for the transfer of significant powers for employment and skills, transport, and investment together with the first Mayoral Development Corporation outside London.
Through the deal, the Combined Authority has the power to create an Investment Fund, bringing together funding for devolved powers to be used to deliver a 30-year programme of transformational investment in the region. This includes the control of a new £15m a year funding allocation over 30 years. The initial Tees Valley Combined Authority Investment Plan was agreed in March 2017 and set out the investment priorities for the period to 2021. The Combined Authority has been developing its detailed strategies for key areas of activity.
This Investment Plan set out our investment strategy for the period 2019 – 2029. It is essential that our focus is on economic growth if we are to deliver our ambitions for the Tees Valley economy as set out in our Strategic Economic Plan and our developing Local Industrial Strategy. Our activity is therefore prioritised across six growth generating themes:
The Investment Plan is reviewed annually to take account of changing economic circumstances, what is working well and what is not, and new funding and investment opportunities. The ten-year planning figure used in the Investment Plan is £588.2m.
Key Principles for Investment: