Tyne Clean Energy Park to Create 12,000 New Jobs and Boost Local Economy

Strategic Insights -

A new investment project in the Port of Tyne, Tyne Clean Energy Park, is set to transform the north and south banks of the port, creating up to 12,000 new jobs and adding over £5.6 billion to the local and UK economy in the years ahead. The project has won immediate support from Government Transport Secretary, Heidi Alexander, and North East Mayor, Kim McGuinness. The development will focus on supporting the fast-growing offshore renewables, clean energy, and advanced manufacturing sectors, a key priority for Mayor Kim McGuinness as she delivers the North East's Local Growth Plan.

Key Takeaways:

  • The Tyne Clean Energy Park project aims to create up to 12,000 new jobs in the region.
  • The project is expected to add over £5.6 billion to the local and UK economy in the years ahead.
  • The development will focus on supporting the fast-growing offshore renewables, clean energy, and advanced manufacturing sectors.
  • The project has won immediate support from Government Transport Secretary, Heidi Alexander, and North East Mayor, Kim McGuinness.
  • Mayor Kim McGuinness has stated her mission is to make the region the home of the green energy revolution and create new jobs and opportunities for local people.
  • The project includes a 230-acre footprint within an Industrial Strategy Zone, providing similar benefits to freeports.
  • The benefits of the Industrial Strategy Zone include business rates relief, enhanced capital allowances, enhanced structures and buildings Allowance, employer National Insurance contributions relief, and Stamp Duty Land Tax relief.

Statistics:

  • Up to 12,000 new jobs will be created in the region.
  • The project is expected to add over £5.6 billion to the local and UK economy in the years ahead.
  • Phase one of the project, Howdon Quay, has a 23,024 square-foot warehouse and a dedicated berth, completed at a redevelopment cost of £6 million.
  • The project has been awarded Industrial Strategy Zone status, providing similar benefits to a modern freeport.

Sources:

  • Project officials
  • Government Transport Secretary Heidi Alexander
  • North East Mayor Kim McGuinness
  • Port of Tyne's website (commercial@portoftyne.co.uk)