City Region secures £1.1 billion deal

The Edinburgh and South East Scotland City Region has secured a £1.1 billion deal from the UK and Scottish governments.

The deal is hoped to drive investment and address inclusion across the area.

It is being signed by First Secretary of State and Minister for Cabinet Office, Damian Green, Cabinet Secretary for Economy, Jobs and Fair Work, Keith Brown, and Leader of the City of Edinburgh Council, Adam McVey on behalf of local authority partners.

The deal is an agreement between the Scottish government, the six local authorities, the UK government and regional partners. Both governments are to invest £600 million over the next 15 years and regional partners have committed to adding up to £500 million, overall representing a deal worth £1.1 billion. The deal will also generate over £5 billion worth of Gross Value Added (GVA) over the same period.

Key commitments include: £300 million for world leading data innovation centres; £140 million for crucially needed A720 city bypass at the Sheriffhall Roundabout and transport improvements across west Edinburgh; £20 million capital funding for new world class concert hall; £25 million regional skills programme to support improved career opportunities for disadvantaged groups; and £65 million of new funding for housing to unlock strategic development sites.

Adam McVey, council leader, said: “I am delighted that this ambitious deal for the region has now been agreed, creating up to 21,000 new jobs. This will allow us to transform the area delivering high quality jobs, housing, critical infrastructure, a new skills programme, and a world class concert hall.

“The significant investment in innovation and culture is also to be welcomed as they are both hugely important to the region’s economy. This will put us at the forefront of data driven innovation ensuring we are ahead of the game in a technology driven world.

“We are home to world class research and development activity, much of which acts as an anchor for the development of new products and services through innovation in the private sector. As a world class festival city, Edinburgh attracts over 4m visitors every year adding over £1.3 billion to the economy annually.

“Today’s signing is an important first step as we begin to work with both governments to deliver on the commitments in the deal to ensure the region is vibrant and inclusive going forward.”

Keith Brown, Cabinet Secretary for Economy, Jobs and Fair Work, said: “The Scottish government has been fully committed to this deal and I am very pleased that we have been able to get to the stage of achieving such an ambitious deal for the region. Edinburgh and its city region is an area of huge importance to the Scottish economy, containing over a quarter of Scotland’s population and contributing £33 billion to the Scottish and UK economies.

“The projects agreed today will help the region continue to thrive and grow, fulfilling our ambitions for the region to be one of the fairest and most inclusive areas in the country.”