Members of the North East Combined Authority Leadership Board have confirmed their support for the proposed devolution agreement for the North East. This will include the creation of a mayoral combined authority for the North East and should mean that more key decisions regarding transport, the economy and skills will be made in the region. Voters will be asked to elect the first North East mayor in May 2017.
NELEP have confirmed that there will soon be a notice from Official Journal of European Union inviting tenders for funding for the North East LEP area. The new fund will act as a successor to the Finance for Business North East Fund and will be available to stakeholders across the North East for projects up to the value of £2m. The first contracts, expected to include a minimum of £20m equity and development capital funds, is due to start in early 2017