‘Significant milestone’ as £700m Tay Cities Region Deal signed
A £700 million deal set to boost economic prosperity in the wider Tay Cities region has been signed.
The Tay Cities Region Deal is an agreement between the UK government, Scottish government, Angus, Dundee City, Fife and Perth & Kinross councils as well as further education establishments which will see £300 million of government cash injected into the region with the aim of stimulating a further £400m of investment and creating 6000 jobs.
The deal was signed in a virtual event livestreamed to the public, with all attendees abiding by social distancing guidelines, and represents the culmination of several years of work to get the deal across the line. However, it represents a lowerthan-anticipated investment in the region, which had initially been trailed to inject up to £1bn.
Projects across the region set to benefit from the deal include a £62 million investment in the Invergowrie-based James Hutton Institute, £26.5 million for Angus and a £37 million Regional, Cultural and Tourism investment programme.
In Fife, the main beneficiary of the deal is the University of St Andrews Eden Campus low-carbon research project at Guardbridge, set for up to £26.5m of initial investment and £110 min further support in a bid to create 500 jobs.
Nor th East Fife councillor Karen Marjoram, who signed the deal on behalf of the local authority, said it was a “significant milestone”.
She said: “This investment will enable all Tay Cities partners to deliver real and lasting economic benefit to the region, making it an even more attractive and inclusive place to live, work, visit and do business. The investment brings a range of opportunities across the whole region.”
UK Government Minister Iain Stewart said: “Today’s landmark signing will deliver transformative investment to the entire Tay region, including £150 million from the UK Government.
“This is the seventh Full Deal we have signed in Scotland and we now have deals in implementation or development for all of Scotland, representing investment from the UK Government of over £1.5 billion.”
Scottish Government Cabinet Secretary for Transport, Infrastructure and Connectivity Michael Matheson said: “In these uncertain times, these investments will deliver much needed jobs across the region."