Treasury North, Freeport and Low Carbon development spells Triple Transformation For Teesside

Commenting on the Budget’s levelling up agenda, Chris Hearld, KPMG’s Head of Regions, says Teesside can be transformed:

Teesside

“This Budget is pivotal for growth in the North East. Teesside and the wider region stands to be transformed by the triple win of the Freeport, hosting the Treasury North campus and ongoing low carbon development.

“The stimulus of the Freeport will support the drive for inward investment, job creation and global trade, in an area already keen to maximise the low carbon future for its energy production heritage.

“As Teesside sets about capitalising on its new Freeport it can do no harm to have the Treasury’s Economic Campus at the heart of the action in its backyard.

“Building the right skills base to respond to these opportunities will be a red hot topic for this red wall region, as it pursues economic renewal.”

Treasury North

“The Government’s commitment to dispersing the civil service far beyond Whitehall is critical. Diversity of thought and experience is a key driver of success in business. It is every bit as important to have a civil service that represents its citizens across the UK.

“Basing a swathe of the Treasury workforce in Darlington creates the chance to change the scope of opportunity for talent in the North East and has the potential to be transformative for policymaking.

“For that potential be fulfilled, filling the new roles created must be about recruiting talent from the regions to influence decision and policy making, not just relocating people from London.

“With increased remote working and decreased travel set to be a permanent feature of working patterns, there is a great opportunity to have regionally based talent in key policy roles without requiring them to be in London. This will be complemented by physical space in Teesside rather than being about it.

Freeports

“The eight Freeports represent an exciting opportunity to trigger regional economic renewal in areas that need it by fuelling regeneration and enabling social mobility as well as creating jobs.

“By attracting an increase in trade, the spurring of activity among established manufacturers could help to provide a hotbed for innovation-focused SMEs, creating clusters that drive inward investment.

“As we move towards a lower-carbon, more sustainable future, the Freeports also hold the potential for boosting opportunities in hydrogen, offshore wind and tidal power, enabling Freeport regions to become focal points of the Government’s Net Zero ambitions.

National Infrastructure Bank

“With a wealth of low carbon innovation in the North changing the face of energy use nationwide, it makes sense to locate an important tool in the financing toolkit in Leeds. As well as the infrastructural assets across the North, Leeds hosts an established financial services talent pool for the new bank to tap into.”

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For further information please contact:

KPMG Media Relations

Tel:  +44 (0) 207 694 8773

 

Alison Anderson, Corporate Communications manager

Mobile: 07733 453 065

Alison.anderson@kpmg.co.uk

 

About KPMG

KPMG LLP, a UK limited liability partnership, operates from 21 offices across the UK with approximately 16,000 partners and staff.  The UK firm recorded a revenue of £2.3 billion in the year ended 30 September 2020.

KPMG is a global organization of independent professional services firms providing Audit, Legal, Tax and Advisory services. It operates in 147 countries and territories and has more than 219,000 people working in member firms around the world. Each KPMG firm is a legally distinct and separate entity and describes itself as such. KPMG International Limited is a private English company limited by guarantee. KPMG International Limited and its related entities do not provide services to clients.