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Recovery package on Teesside falls short by £18m

A FUND reportedly worth £60m set up to aid and support businesses on Teesside has been axed.

The fund was established following the mothballing of Teesside Cast Products to help the region make a steady transition to low carbon industries.

The government has decided to abolish regional development agencies, including the region’s One North East.

One North East, which was leading the fund, said it could no longer support it - leaving it £18m short.

One North East said the fund, called the Tees Valley Industrial Programme (TVIP) so far had helped a number of companies in the region.

These included investment at Billingham-based Tees Alliance Group.

It was offered £1.5m to help the company develop roll tubulars and manufacture the foundations that support wind turbines in the offshore wind industry.

One North East said the project would create 110 new jobs and was expected to safeguard a further 33 jobs.

This was posted in Bdaily's Members' News section by Ruth Mitchell .