Development companies have paved the way for investment, says Heseltine

The groundbreaking Tees Valley Opportunity Unlimited report, authored by Lord Heseltine, highlights opportunities to unlock, encourage and support economic growth in the region in the summer of 2016 to build a prosperous future. The paper was central to the establishment of the Office of the Tees Valley Mayor and Combined Authority.

At the Riverside Stadium, where a game was played against Middlesbrough FC, Lord Heseltine published the newspaper on Boro’s promotion to the Premier League.

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Teesworks’ rise has continued in tandem with a range of infrastructure projects in the region also underway, including the £140m Darlington railway station, the refurbishment of Middlesbrough railway station and the aim of turning Teesside Airport into profitability.

Lord Heseltine’s report and the Thames Estuary 2050 Growth Commission paved the way for the Mayor of Tees Valley and the Thames Estuary Envoy, who have now entered into a unique partnership for leveling and growth.

Lord Heseltine told the audience at the UKREiiF event how development companies, through public-private partnerships, are paving the way for the regeneration of Liverpool and London’s Docklands.

He added: “There are large parts of this country that are not getting the kind of localism agenda that I think is absolutely fundamental to activating our economy.” London’s functional monopoly is a dead hand – the partitioning of the London departments each with their outposts in local government is viewed and judged separately with no sense of coordination.

“It’s the last chance to model a dynamic economy. In my view it is the only model of economic, social and political management in the western world.

“The model that works is the mayoral authority – the unitary authority – with the power to initiate local strategy in partnership with central government and drive the changes that are known locally but little seen in Whitehall.”

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Mayor Houchen said: “It is a real pleasure to join Lord Heseltine – a giant of British politics – in celebrating how far we have come since his report.”

“We all still have a long way to go, but we have made great strides towards the goals set by Lord Heseltine. We are ambitious and want to develop our region into the number one economic engine for green growth.”

Some of the biggest redevelopment opportunities in the Tees Valley took the spotlight at the country’s largest property and investment fair in Leeds.

The annual UkREiiF Showcase brings the public sector together with government, investors, financiers, developers, homebuilders and others to outline investment and development opportunities while helping to forge new connections and relationships.