Historic £1.3bn Edinburgh and South-East City Region Deal agreed
A £1.3bn investment to unlock economic prosperity will be agreed today (Tuesday 7 August) for Edinburgh and the South-East of Scotland following the formal signing of a City Region Deal.
The Deal is an agreement between the UK Government, Scottish Government, the local authorities of Edinburgh, East Lothian, Fife, Midlothian, Scottish Borders, West Lothian and the region’s universities and colleges. There are also regional partners from the private and third sectors.
The UK and Scottish governments will invest £300m each over the next 15 years with other partners committing to an additional £700m. The £1.3bn investment is anticipated to generate over £5bn worth of Gross Value Added (GVA) over the Deal’s lifespan.
City of Edinburgh Council Leader, Adam McVey, speaking on behalf of all local authority partners, said: ““The agreement of this ambitious Deal heralds the beginning of a transformative and inclusive programme which will help share our success right across the region.”
“This investment will allow us to unlock the region’s potential to become a global powerhouse in data driven innovation through our exceptional research and development activities, whilst the commitment to a skills programme will enhance job prospects for everyone and allow us to capitalise on the opportunities technology and innovation creates. We will also greatly enhance the region’s infrastructure through significant funding for transport projects and housing development to build a vibrant region for people and businesses to thrive in.”
Among the key commitments in the Deal are:
· £350m for world leading innovation centres
· £25m capital funding for a first-class music and performance venue and Edinburgh’s first purpose built music venue in a century
· £140m for a crucially needed A720 city bypass at the Sheriffhall Roundabout and further enhancements across West Edinburgh
· £25m for a regional skills programme to support improved career opportunities for disadvantaged groups
· £65m of new funding for housing to unlock strategic development sites.
Download the City Region Deal Document.