'This is a brilliant place - one of the best universities in Britain.
'And, while the Government is committed to providing money for teaching and science, Teesside is an example of how the private sector can get involved.'
Mr Cable was speaking to the Evening Gazette after the spending review. He said he had been impressed by Teesside during his visit a few weeks ago.
'I was in various places around the region and saw for myself the rapid growth of private firms cropping up in places you don’t normally expect to see them in such numbers.
'In the spending review, we have made sure there is money for the Tees Valley Bus Network.'
He added that as Teesside is an example of how the private sector can get involved - it would mean clearing any obstacles to private investment, an approach he said which would be given more clarity by the announcement of the Local Enterprise Partnerships.
'There were two main criteria for the LEPs. They had to be economically viable, which Teesside is, and they had to have a good level of business involvement, which Teesside’s bid also had.
'I think there is a reasonable chance that there will be a green light very soon.'