Investment in growth sectors
£300m City Deal ‘will boost Edinburgh region’
Edinburgh and south east Scotland will receive a £300 million boost today when the latest City Deal is confirmed.
The fourth such deal, in partnership with the Scottish Government, brings UK Government investment in Scotland through the initiative to more than £1 billion.
Scottish Secretary David Mundell said it will “boost the economy of Edinburgh and the whole of South-East Scotland for decades to come.”
The deal, likely to be worth £1bn to the Edinburgh region when other contributions are taken into account, will focus on technology, innovation and culture.
“It will make a real difference to the lives of people in the region, creating jobs and prosperity and driving investment,” said Mr Mundell.
The Edinburgh City Deal will focus on maximising the economic value of new technology. It will use Edinburgh’s track record in innovation and new technology to build the sector, creating prosperity and jobs. The deal will include the creation of five new innovation hubs, including in robotics and space technologies.
Edinburgh’s universities are at the heart of the deal, with investment in innovation in space, health sciences, agri-tech and food and drink.
It will also create a new Edinburgh concert hall.
The UK Government says its investment in City Deals will unlock more than £4 billion of investment for Scottish cities and regions. It says it comes on top of an additional £1 billion in Barnett consequentials in the past year.
Tay Cities and Stirling city deals are currently under discussion, and the UK Government has announced its commitment to exploring a Borderlands deal.