North East Mayor Kim McGuinness, said: “After years of fighting for the investment we deserve, I’m delighted we now have a North East Good Growth Fund helping us to deliver projects like a new arena in Gateshead and film and TV studios in Sunderland and these will just be the start.
“We will also get new powers to keep tax raised from these major developments and others. It's about time we stopped sending all of our tax to Westminster and instead use it right here in the North East. It’s good to see the Government agrees. This will be used for initiatives that directly cut the cost of living like cheaper fares on public transport in years to come.
“We need to see more good jobs in our region too. That’s why we insisted in September the International Investment Summit should be held in the North. And now thousands of investors from across the globe will see what we have to offer when they come to Gateshead in the Spring. We will make sure this directly leads to opportunities for people on their doorsteps across the whole of the North East.
"I'm delighted to see the vast majority of households in the region will receive £100 to go towards energy bills and hundreds of our high street businesses will no longer pay business rates."