- Regions around Aberdeen and Glasgow
chosen in joint agreement by UK Government and Scottish
Government
- Levelling Up Secretary hails ‘historic milestone’
for the UK Investment Zone programme, which will help deliver
on PM’s priority to grow the economy.
- Decision opens up £80 million of
government funding for each region
Glasgow City Region and North East of Scotland will be Scotland’s
Investment Zones following an agreement between the UK Government
and Scottish Government.
The pace at which the agreement was developed is testament to the
strength of partnership between the two governments and what can
be achieved when there is a focus on delivering economic growth
and opportunity for people in Scotland.
Investment Zones are a crucial part of levelling up, and are
designed to deliver economic growth, more high skill jobs,
investment, and future opportunities for local people – a key
priority for Prime Minister .
The tax incentives and funding that are being made available by
the UK and Scottish governments will attract investment, improve
skills, provide specialist business support and improve local
infrastructure.
Investment Zones are focused around research institutions such as
universities. They focus on driving growth in priority sectors
including technology, the creative industries, life sciences,
advanced manufacturing and the green sector. They
will underpin clusters to boost UK competitiveness in
these high-potential industries, leveraging existing strengths
and assets to increase opportunities for local communities and
driving productivity growth.
The two Scottish regions are the first Investment Zones outside
of England and Levelling Up Secretary will today welcome this
‘historic milestone’ in widening the programme to other parts of
the UK.
Secretary of State for Levelling Up, said:
“This is an historic milestone as we widen the opportunity and
ambition of the Investment Zone programme to grow the economy
across the whole of the United Kingdom.
“I am very appreciative of the constructive approach the First
Minister and Deputy First Minister have shown in the meetings I
have had with them in recent weeks. We all have a shared ambition
to work together to see all parts of Scotland thrive and today’s
agreement builds on our successful rollout of Green Freeports in
Scotland earlier this year.
“Both Aberdeen and Glasgow, and their surrounding areas, have
been at the very heart of the UK’s economic success for
generations. Shipbuilding on the Clyde. Oil and gas exploration
in the North Sea and a leader in the renewable sector. Both
responsible for exporting some of the world’s finest food and
drink around the globe. Both playing home to some of the biggest
financial service companies we have. We want to build on this
proud present and past so that Aberdeen and Glasgow continue to
make a massive contribution to the UK economy.”
The two Scottish Regional Economic Partnerships areas, made up of
a number of different local authorities, will each benefit from
an overall funding envelope of £80 million over a five-year
period, while making the most of both reserved and devolved
policies as is the case with Green Freeports.
The locations of Glasgow City Region and North East of Scotland
have been selected jointly by the UK Government and Scottish
Government based on their research strengths, an assessment of
economic need and potential, and a consideration of geographic
spread.
Regional leaders, businesses and universities will take the lead
in shaping regional plans, to ensure Investment Zones draw on the
entrepreneurial spirit and wealth of research talent that exists
across Scotland. Discussions will now begin with both
regions to develop detailed proposals.
Secretary of State for Scotland, , said:
"This is exciting news for Glasgow and Aberdeen - the
establishment of two Investment Zones in these areas will enhance
their existing strengths, helping to attract investment, grow our
economy and create jobs in priority sectors. This will build upon
the great progress already being seen with the Freeports we
announced earlier this year in Inverness and Cromarty Firth and
the Firth of Forth.
"We have worked closely with the Scottish Government throughout,
which shows again what can be achieved when Scotland’s two
governments work together to promote a fair spread of
opportunities across Scotland. The UK Government is focussed on
levelling-up throughout the UK which includes investing more than
£2.2 billion in projects in Scotland."
The delivery of investment zones will build on the success of the
joint UK and Scottish government agreement for two Green
Freeports in Inverness and Cromarty Firth and Firth of Forth, to
create jobs, drive growth and level up the country.
Backed by up to £52 million in UK Government funding, the
freeports are expected to bring forward an estimated £10.8
billion of private and public investment and create over 75,000
new, high-skilled jobs.
