Two more devo deals agreed

Chancellor George Osborne has sanctioned two more devolution deals to increase investment opportunities in the north-east of England.

Part of Osborne’s ‘Northern Powerhouse’ initiative, the north-east of England and the Tees Valley will each have an elected mayor, who will be responsible for a range of investment decisions in the region.

Under the plans, the Tees Valley Combined Authority will receive £15m a year over the next 30 years, while the North East Combined Authority will get £30m over the same period.

The announcement comes just weeks after Osborne unveiled a similar devolution deal with the Sheffield City Region, which is also receiving £30m per year to plan developments into a variety of infrastructure projects.

At the Conservative Party conference earlier this month, Osborne also revealed that city mayors will be given the power to “add a premium to the rates to pay for new infrastructure”.