The £1.3billion City Deal for the Glasgow City Region, which, it is claimed, will bring tens of thousands of new jobs, was signed today by council leaders.
The deal’s architects say the huge cash boost will fund major infrastructure projects, support key sectors such as life sciences, and address unemployment over the next 20 years.
The UK and Scottish Governments will each provide the City Region £500million in grant funding, and the local authorities will borrow a further £130million.
The City Deal is expected to give the City Region a permanent uplift in its GVA of £2.2billion per annum (4.4%); generate 15,000 construction jobs during the construction period and 28,000 permanent additional jobs once construction is complete; and will unlock £3.3billion of private sector investment.
Glasgow’s Council leader Gordon Matheson said: “The signing of this City Deal is a momentous day for the Glasgow City Region. The benefit this funding will bring to our infrastructure, economy and labour market will be felt for decades.”
East Renfrewshire will also be involved .
Council leader Jim Fletcher, said: “We are delighted to be part of this exciting i nitiative. Our residents will benefit from the overall programme of investment across the City Region.
“They will see an improved infrastructure and connectivity to support local growth and employment opportunities.’’
Local Government Minister Derek Mackay said: “As our largest city Glasgow is central in driving economic growth.
“That is why the Scottish Government has agreed to invest £500 million in a city deal.”