It is reported that a GBP 60 million fund set up to help create jobs in the Tees Valley following the announcement that TATA Steel, formerly Corus, was to mothball its Redcar plant will not make any further grants after today, despite being GBP 18 million short of its target.

The then Business Secretary Mr Lord Mandelson announced in December 2009 that the GBP 60 million Tees Valley Industrial Program would go towards supporting the Tees Valley region's transition to low carbon and advanced manufacturing after the announcement that Teesside Cast Products was to be mothballed.

Originally designed as a 24 month program, in the 13 months since it was formed by the Department for Business, Innovation and Skills and regional development agency One North East it has committed GBP 42 million to projects across the Tees Valley.

Following the decision to abolish regional development agencies next year, One North East said that it was no longer able to commit to funding projects that extend beyond the end of the current financial year. Consequently, TVIP will not be able to support or develop any further projects from today.

(Sourced from www.thenorthernecho.co.uk)