The UK government has announced a major £80 million investment aimed at boosting economic growth in Hull and Teesside, two regions with significant industrial potential. The funding, part of the Levelling Up agenda, is expected to create thousands of jobs and support local businesses.
Revitalising Key Industrial Areas
Hull will receive £50 million to develop its manufacturing and green energy sectors, while Teesside has been allocated £30 million to enhance its port infrastructure and logistics capabilities. This move is seen as a crucial step in rebalancing the UK economy and reducing regional inequalities.
Job Creation and Economic Growth
According to officials, the investment could generate over 5,000 new jobs across both regions. Business leaders have welcomed the decision, highlighting the potential for long-term economic benefits.
"This funding will help unlock the full potential of Hull and Teesside," said Chris Smith, a spokesperson for Associated British Foods. "It’s a clear signal that the government is committed to supporting areas outside London and the South East."
Next Steps
The funds will be distributed over the next three years, with local councils and businesses collaborating on specific projects. Further details on how the money will be spent are expected in the coming months.
