Liz Twist

There are indeed welcome moves in this Budget, and I know that the guest beer one was particularly wished for. On regional growth, I warmly welcome the new £1.5 billion borrowing facility for mayoral strategic authorities that was announced yesterday. In Gateshead, these devolved borrowing powers will allow us to move forward with the transformation of the Gateshead Quays development. Backed by £24 million in enabling funding from North East Mayor Kim McGuinness, essential site preparation and infrastructure work can now begin. Once these loans allow us to start investing in full, Gateshead will gain a world-class venue featuring a 12,500-seat arena and an international conference centre. The North East combined authority estimates that this ambitious development will attract over 1 million visitors every year, generate a £70 million annual boost to our local economy and create 2,000 good local jobs. I want to set the record straight on the international investment summit. The Budget Red Book announces that “The next International Investment Summit will take place in spring 2027 in Newcastle.” I must gently correct the record for the Treasury. As the Chancellor announced in his speech yesterday, that major summit will actually be hosted on the south side of the Tyne, right in Gateshead. I look forward to seeing Tyneside on the global stage. As we prepare to welcome global investors, my firm hope is that the investment announced at the summit stays directly in Gateshead and the surrounding area, helping to further fund our local regeneration and economic growth, and benefiting my constituents on the Blaydon side and beyond to provide employment opportunities, so that it will affect the whole of Gateshead, not just the quayside. There is a little-noticed measure in the Budget on the preventive departmental expenditure limit. I particularly welcome the creation of ringfenced preventive expenditure, which establishes a spending category for early intervention in the spending review. We do not have much detail on that, but I am going to get my bid in quite early. I want investment in preventive measures that affect all Departments in relation to suicide prevention and mental health. This is a really important issue and one that I come back to regularly. I warn those on the Treasury Bench that I will be referring to it many times in future, so that they do not lose the message—if they could take a note now, that would be helpful. Extensive research conducted by Samaritans and Mind demonstrates that every single suicide prevented saves our economy roughly £1.46 million. We cannot reduce lives to figures on a spreadsheet, but that shows that investment in preventive work on mental health and work on suicide prevention is well worth the money. Across County Durham, 878 local properties will benefit from the real-terms business rates freeze, alongside 377 in Gateshead. To help our young people gain high-quality skills and secure good careers, new apprenticeship brokerage funding and expanded mayoral apprenticeship services will support businesses, including small and medium-sized enterprises, to hire and train the next generation. The derelict buildings fund will help both sides of my constituency, making a difference to our high streets.