Prime Minister Theresa May will visit Edinburgh today to sign the £1.3 billion City Region Deal for Edinburgh and the South East of Scotland with the First Minister, Nicola Sturgeon.
The heads of terms were signed in Edinburgh last year and we understand the specifics are relatively similar to that agreement.
The UK and Scottish Governments have each committed £300 million to the deal which will lead to £1 billion of investment in economic growth and boosting jobs. The Scottish Government’s funding will contribute towards 41,000 new homes, 21,000 jobs and improve the skills of around 14,700 people.
The UK Government says it has now invested over £1 billion in City Deals across Scotland, which has been matched by funding from Holyrood.
The funds will be used on scientific research on health sciences, space, agri-tech and food and drink at Heriot-Watt, Queen Margaret and the University of Edinburgh. Five new innovation hubs will be created including those focusing on robotics and space technologies. The investment will also be used to fund a new 1000 seat concert hall just off St Andrew Square.
The Prime Minister also plans on visiting the festival and meet with council and university representatives before signing the 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.”
Cammy Day, Depute Leader of City of Edinburgh Council, said: “The formal signing of the City Region Deal marks the start of an exciting period for Edinburgh and the South-East of Scotland where unprecedented levels of investment will drive inclusive economic growth. This is a Deal designed to deliver real, tangible opportunities for everyone across Fife, Edinburgh and the Lothians and the Scottish Borders.
“With the potential to create thousands of jobs, develop critical infrastructure and provide valuable housing and skills programmes, I look forward to seeing the Deal move forward and the region enjoy the positive impact of the projects it will deliver.”
Founding Editor of The Edinburgh Reporter.
Edinburgh-born multimedia journalist and iPhoneographer.
