This paper builds on the 20-year economic vision for the City developed jointly with Gateshead Council, the business community and other stakeholders in the 1PLAN. This highlights the importance of:
Positive progress has been made in the City. Some of the key investment opportunities are now being delivered, including Science Central and the redevelopment of Scotswood. New manufacturing jobs in the marine and offshore energy sector are being created on the banks of the Tyne. Our business base is strong and working to create its own solutions; for example through the biggest and most successful Business Improvement District in the country, NE1. The commitments made by Virgin Money to build their business from Newcastle gives renewed impetus to the City’s role as a centre for financial and business services. With Gateshead, we have transformed the visitor economy. We are also working with partners across the North East region, including the North Eastern Local Enterprise Partnership (NELEP), on issues extending from transport and strategic infrastructure to stimulating growth through our Enterprise Zone.
The Council will set up a new inward investment or ‘business winning’ team with Gateshead Council. It will be hosted by NewcastleGateshead Initiative (NGI) and will clarify the Newcastle and Gateshead offer to potential investors, working with the NELEP and UKTI to ensure that the business winning system is joined up over a wider geography. But there are also challenges and unexploited opportunities. We need to do more to help young people entering the labour market for the first time. We need to re-ignite stalled development, do more to make Newcastle and Gateshead an attractive destination for new private sector investment and promote these opportunities world-wide. We need to strengthen our regional economy, responding to the loss of our Regional Development Agency, through the work of the NELEP.
The economy and physical layout of the City will not be changed overnight. In the next five years, we expect to see significant development at Science Central, stimulated by commitments already made by Newcastle University and the Council, and followed by extensive private sector investment. At the same time, we will see a transformation to the central station area, providing a fitting gateway to the City and the region, and prestigious new commercial opportunities. The following wave of major development will be at East Pilgrim Street, with the realisation of a substantial office and retail scheme.
With Gateshead, the Council has developed an innovative proposition which will accelerate progress on these key development sites. This is based upon using ‘Tax Incremental Finance’ – using future business rates receipts to fund necessary up-front infrastructure investment. Over the next 25 years, we expect this to create around 20,000 permanent jobs, through new office, retail, university and leisure development.
Read the full report 'Newcastle - a working city' (Economy green paper) (pdf, 1.68Mb)
Take part in the consultation by visiting Lets talk Newcastle online
Page last updated: 9 December, 2011
