Redcar Growth Zone Receives £5 Million for Commercial Development Following 2015 Closure of SSI Plant

The Teeside SSI steelworks plant was shuttered in 2015. The UK government has picked up the £80 million redevelopment tab.
Teeside SSI steelworks in Redcard, while still operational. (Robert Cook/Flickr)

In January 2017 Climate Change and Industry Minister Nick Hurd announced that the government would allocate £5 million to the Redcar Growth Zone to support the development of attractive commercial space in the town.The money is intended to

The money is intended to foster business investment in the town by creating the commercial space necessary for new business ventures.

This funding is part of the £80 million the government granted to the SSI Fund following the closure of the SSI steel plant in October 2015.

According to the SSI task force, the SSI Fund has created 1,065 new jobs, safeguarded 405.5 jobs, assisted 495 people with advice on starting their own business, and 248 businesses have been created with assistance from the fund.

Of this, Minister Hurd said:

Today I met some of the former workers who have set up new businesses with help from the SSI task force and backed by government funding. That process of helping the local community and families to rebuild their lives following the collapse of SSI is ongoing and intended to have a long-term impact.

That’s why I have now agreed that £5 million out of the funding we announced in 2015 will go towards helping new businesses set up in Redcar town centre by providing much needed commercial space.

To read the government press release of this news click here: Minister Nick Hurd announces £5 million towards Redcar Growth Zone – GOV.UK