00:01the long-awaited arena planned for gateshead quayside could receive a fresh injection of public money following the chancellor's announcement
00:09of new funding for regional mayors
00:11the project has faced years of delays in rising costs and construction has yet to begin on the site beside
00:18the glasshouse and the baltic art gallery
00:22the latest announcement does not confirm a specific amount for the arena but it raises the possibility of new financial
00:29support to help move the scheme forward
00:31earlier this year northeast mayor kim mcginnis approved 24 million pounds for infrastructure work at the site
00:39the aim was to reduce the risks for private investors and make the wider development more attractive
00:45the plans have already been scaled back with a proposed international conference center removed following a review
00:51the arena has also become a political flashpoint gateshead council's new reform uk leader nick allen
00:58has described the delayed development as a vanity project labor representatives however say the site
01:05has waited too long to fulfill its potential the chancellor announced 285 million pounds for local
01:12leaders alongside a further 1.5 billion pound borrowing facility the government says these measures will give mayors
01:19greater access to the capital needed to support local priorities and economic growth the northeast is also
01:26due to host the government's next international investment summit
01:29the government's next international investment
