‘Very exciting framework’ promised ahead of Labour’s autumn budget

The North East has the “greatest friends and allies it could hope for” to deliver its growth ambitions, a senior Government minister has promised.

Business Secretary Jonathan Reynolds told leaders yesterday (Thursday, October 10) Labour will deliver a “very exciting framework” in its autumn budget to help the region move forward.

Pledging an “unequivocal budget for growth”, he added the Government “could not be clearer in what we are willing to put forward”.

The Wearside native made the promise during the North East Growth Summit event, in Sunderland’s City Hall, which attracted more than 100 regional business leaders and heard from figures including North East mayor Kim McGuinness.

Focusing on economic development, infrastructure and social regeneration, the event provided a platform for discussion about how to unlock the North East’s full potential.

Jonathan added: “If you look at what is successful around the world, it’s the combination of a national industrial strategy and having greater devolution.”

Addressing audience members, mayor McGuinness stressed the importance of creating opportunities for all – from film and TV production to green energy initiatives – adding the latter was “integral to growth”.

She emphasised that this will be driven by local pride and a strong sense of community.

She said: “Growing a highly skilled and thriving creative workforce will ensure the next era of our economic growth.

“I am determined to show the value of what we call the everyday economy that so many people in our region rely on.

“We’re a country that has too often only wanted to talk about expensive projects, the big investments and the emerging sectors that – rightly so – motivate us.

“They’ve led us to focus on getting the foundations of our economy right, at the exclusion of a higher skilled economy.

“These things are not mutually exclusive, but if we wanted to, we could get the quick wins, but it wouldn’t be fair, and it definitely wouldn’t last.”

She added: “There is no route to sustainable, sticky growth that doesn’t fight poverty and work as hard to close the gap between rich and poor and men and women as it does to lift the value of our economy – so we have to do both.

“Yes, we will invest in the skills and the sectors that help us to grow, but the people of our region deserve to expect the wider benefits.

“If they can’t feel the difference, there’s no point at all.”

Councillor Michael Mordey, leader of Sunderland City Council, spoke at the event to highlight the city’s ambitious vision and investments, which include Riverside Sunderland and the monumental Crown Works Studio project.

He said: “Riverside Sunderland is a truly transformative generation project.

“This has been delivered from pretty much a standing start here in Sunderland.

“We knew we needed to signal to the private sector that we were serious and stood full square behind our regeneration plan.

“That risk paid off.

“The £450 million Crown Works Studios will create more than 8000 jobs, bringing high-end film and TV production to Sunderland – a game-changing investment for the city and region.”

He also emphasised the importance of ensuring the city’s physical transformation is accompanied by meaningful social development.

He added: “We are clear that all the physical regeneration taking place needs to be supported by social regeneration work, to ensure our communities benefit from the opportunity that these investments present.

“That is where the real productivity gains align for us, as the government has set out, we must break down the boundaries to opportunity.”