OCTOBER 20 is a date that has been etched in the calendar for some considerable time. It is not an overstatement to say that it is a date that will influence the course of the North-East economy for the foreseeable future.

What in other years might be a fairly innocuous date will this year be the day on which the Chancellor George Osborne will unveil this coalition Government’s Comprehensive Spending Review.

Ministers have already successfully trailed the fact that this will herald the “age of austerity” with departments being warned they face cuts of 25 per cent to 40 per cent, leaving businesses and the public sector on tenterhooks awaiting news of where the budget reductions will come.

For the North-East, and particularly County Durham, it could herald far more positive news.

We are waiting on a decision as to whether or not the Government will press ahead with plans for a new fleet of rail rolling stock under the Intercity Express Programme (IEP).

The Northern Echo has led from the front with its Back on Track campaign, which has gathered considerable support from within the region, including the presentation of a 4,000-strong petition by a North-East delegation at Number 10 last week.

The delegation, which included representation from across the region of business organisations and MPs including NECC, The Northern Echo and Phil Wilson, the MP for Sedgefield, were able to highlight the enormous financial and socio-economic benefits IEP would bring to the area if given the green light.

The project, to be based at Newton Aycliffe, would create 800 direct jobs, 200 construction jobs and a further 8,000 supply chain jobs. Independent figures have shown that for every £1 of taxpayer investment, there would a further £48 benefit to the local economy. In total, it would be worth some £660m over the lifetime of the project.

Given that the Government is actively seeking private sector-led opportunities to lead the future UK economic growth, this seems to be a solution that’s ready made and would ease the burden on the public purse strings.

■ Joanne Fryett is NECC head of member relations.