£600 million to boost jobs and economic growth in Scotland to be given green light by the Prime Minister and First Minister of a city deal worth over £1 billion.
Hundreds of millions of pounds of investment for the South East of Scotland will be formally signed off by the Prime Minister and First Minister, during the Prime Minister’s visit to the Edinburgh festival today.
The UK and Scottish Governments have each committed £300m to the City Deal which will see over £1 billion overall invested in unlocking economic growth and boosting jobs across the region.
This follows the signing of the terms for the Edinburgh City Deal last year, and is part of the UK government’s investment in UK City and growth Deals in Scotland which has now topped more than £1 billion. That support has been matched by over £1bn of Scottish Government investment.
The funds will go directly to scientific research on space, health sciences, agri-tech and food and drink at Heriot-Watt, Queen Margaret and Edinburgh Universities.
The signing of the full deal, backed by the UK government, Scottish Government and local partners, will see the creation of five new innovation hubs, including in robotics and space technologies.
Reaffirming the city’s position as the world’s Festival City, the investment will also create a new 1000-seat Edinburgh concert hall, building on the contribution of culture to the city’s economy.
The Prime Minister will also announce £13 million in funding for six science hubs across the country, including Dundee and Glasgow Science Centres, to help improve facilities, create new learning activities to help reach audiences and attract thousands of new visitors.
On the visit, the PM will experience some of the festival, meet with the First Minister of Scotland Nicola Sturgeon and with council and university representatives for the signing of the full City Deal.
Prime Minister Theresa May said:
I am pleased to be in Edinburgh today for the city’s annual celebration of the arts and culture. From the Fringe, to the International Festival, festivals dedicated to science, books and storytelling, the city is truly a cultural inspiration for the rest of the UK and the world.
Alongside the Scottish Government and local partners, I will be confirming £300 million, as part of a wider £1 billion investment by the UK Government through City Deals in Scotland, to create jobs and open up new economic opportunities throughout the nation.
These City Deals build on existing strengths to open up new possibilities for the future in Scotland and the whole of the UK as part of our modern Industrial Strategy.
Today I have also announced a further £13 million for investment in six science centres in the UK, including Dundee and Glasgow, to drive innovation in science and technology.
As we leave the EU, the UK Government is working in partnership with business, academia and the devolved administrations to create more good jobs and spread economic prosperity across the country.
By making the most of our country’s assets and the talents of all of our people, we can build a brighter future for the whole UK.