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Budget cash for Tees Valley; Commercial Feature in association with Tees Valley Unlimited.

THE recent pre-Budget statement by the Chancellor Alistair Darling included two announcements with significant implications for the Tees Valley - one on bringing forward funding for important projects and the other on plans to devolve more responsibilities to City Regions.

On the funding front, the Chancellor has brought forward pounds 3bn of capital spending from 2010-11 to the next financial year, starting next April. The announcement has three elements:

pounds 100m of funding to complete transport and regeneration projects which might not otherwise go ahead in the current economic climate.

Allowing regional development agencies to bring forward pounds 100m from future years to support priority projects.

pounds 700m to increase capacity on motorways and other major routes.

On the devolution front, the Government intends to build on the Multi-Area Agreement approach - in which the Tees Valley has led the way - to further increase the ability of local authorities in City Regions to drive economic growth and to support further integration of planning, housing, transport, regeneration, employment and skills. New agreements will be announced for at least two forerunner City Regions in next year's Budget.
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Title Annotation:Features
Publication:Evening Gazette (Middlesbrough, England)
Date:Dec 15, 2008
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