Oral Answers to Questions

Debate between Mark Hoban and Ian Swales

Tuesday 13th July 2010 Commons Chamber

[Ian Swales (Redcar) (LD)]

10. What steps his Department is taking to support economic growth in the north-east.

[The Financial Secretary to the Treasury (Mr Mark Hoban)]

To support private sector enterprise throughout the UK and to ensure that all parts of the country benefit from sustainable economic growth, the Government will use the national insurance system to reduce the cost to new businesses of employing staff in all parts of the UK outside London, the south-east and the east of England. We will establish a £1 billion regional growth fund to support strategic growth and focus investment in the English regions. We will also publish a White Paper later in the summer on a new approach to sub-national growth, including local enterprise partnerships.

[Ian Swales]

Does the Minister agree that Teesside represents a great opportunity for the new green investment bank, and that it would be a good location for the administrative centre of the bank?

[Mr Hoban]

I welcome the interest shown in Teesside as a location for the green investment bank. Throughout the north-east, on Teesside, Wearside and Tyneside, we are seeing significant investment in green technology, which is a key way of rebalancing the economy and creating more private sector jobs in the north-east.