The Chancellor Sets Out North East Economic Plan

27 February 2015, 17:20 | Updated: 27 February 2015, 17:28

The Chancellor has announced plans to create 50,000 new jobs in the North East in the next five years.

George Osborne made the announcement during a visit to our region, where he spoke to employees at car parts firm Nifco UK in Stockton and Nissan in Sunderland.

During his visit the Chancellor made a speech where he outlined a Long Term Economic Plan for the North East which included plans to add an extra £6 billion to the region's economy by 2030, create 50,000 new jobs and deliver £4.5 billion investment in transport in the North East, the largest in a generation.

George Osborne said:
"Our long term economic plan for the North East is all about building on the area's strengths like manufacturing and backing businesses that are growing and creating jobs."

"The North East is creating jobs faster than any part of the UK and is seeing earnings here grow four time faster than the national average."

"I'm not pretending we can close the gap between north and south overnight because it's existed for decades, but what I can say is it's closing now and the North East is leading the pack."