The North of Tyne Combined Authority has been given the green light for £100 million of investment over the next five years, according to a recent Government assessment.
The ‘thumbs up’ from Whitehall comes as the NTCA has passed the first of its ‘Gateway Reviews’, unlocking £20 million of central Government funding per year until 2027-28.
Following the agreement of the new £4.2 billion North East Devolution Deal – which was announced last year and comes into effect in May 2024 – the NTCA will continue to receive this money until the establishment of a new ‘North East Mayoral Combined Authority’. After this point, the funding will be folded in to the new region-wide investment fund.
In a letter to the Mayor, the Minister for Levelling Up, Dehenna Davison MP, said she trusted that the good news gave NTCA “the certainty to continue investing in your programme until closure of the NTCA and provide clarity going forward as the Combined Authority transitions”.
Responding to the review, NTCA’s CEO, Dr Henry Kippin said: “This is excellent news for our residents, businesses, and communities – testament to the leadership of our cross-party Cabinet and much dedication, hard work, and collaboration across the NTCA and local authority teams.”
Elected Metro Mayor for the North of Tyne, Jamie Driscoll, said: “This is much more than just a thumbs up – it’s validating and sets a confident tone as we get ready to take things to the next level. Hats off to the team for getting us past this important milestone.”
Since being set up in 2018, NTCA has already committed £116 million of funding from its current Investment Fund while leveraging in an additional £292 million of private sector money.