A second bid to secure multimillion-pound funding for the Tyneside offshore and subsea sector has been sent to the Government.
Newcastle City Council is bidding for £19.3m from the second round of the Government’s Levelling Up Fund after missing out on funding with its original bid in the first round last October. It says the funding would safeguard thousands of jobs, help to attract investment and secure the long-term future of the Tyne’s offshore and subsea sector.
Companies in the sector currently employ around 2,800 people and contribute £139m to the regional economy each year. It is hoped that a successful funding bid would help attract further inward investment and job creation as the renewables sector becomes a key growth area in the UK economy.
