North East councils told to spend their reserves

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CITY leaders across the North East have been warned they need to start spending some of the £300million saved “for a rainy day”.

Almost £100m in European regeneration cash is needed to kickstart jobs which could go unspent if council leaders don’t free up the millions saved in reserves.

Hugh Morgan Williams, senior Confederation of British Industry member, has said the Euro cash left for the region to spend on regeneration projects can only be used if there is match funding by either big firms or councils.

If the money is not spent by the end of 2014 it spent by the end of 2014 it will be reclaimed by the European Commission.