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Extra £120m to help regeneration efforts for city
The Chronicle
|March 18, 2026
THE North East has been given an extra £120m to “bulldoze through roadblocks” holding up major city regeneration efforts.
Chancellor Rachel Reeves announced up to £1.7bn of investment being given to elected mayors across the North of England on Tuesday morning.
An initial £120m handed to North East mayor Kim McGuinness could be used to speed up redevelopment plans in areas like the Newcastle and Gateshead Quayside, Sunderland, and the city of Durham.
The announcement came just hours before the mayor and local council leaders were due to sign off another major public funding package that includes £24m towards a new arena in Gateshead and £38.5m to start building work on the promised Crown Works film and TV studios in Sunderland.
The Journal understands that the latest Treasury cash has not yet been allocated to any specific projects in the North East.
This story is from the March 18, 2026 edition of The Chronicle.
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