IT HAS been many months in the making and had hit several hurdles along the way, but yesterday saw the signing of the £1.1 billion Edinburgh and South East Scotland City Region Deal.
The deal between the UK and Scottish Governments and six local authorities and their regional partners such as universities will create an estimated 21,000 jobs over the next few years.
The deal was signed yesterday by Cabinet Office minister Damian Green, Keith Brown MSP, the Cabinet Secretary for Economy, Jobs and Fair Work; and Adam McVey, the newly-elected leader of Edinburgh Council. As well as on behalf of his own council, McVey signed on behalf of East Lothian, Fife, Midlothian, Scottish Borders and West Lothian councils.
Both governments are committed to jointly investing £600 million over the next 15 years and regional partners have committed to adding up to £500m, overall representing a deal worth £1.1bn. In addition, the deal will generate over £5bn worth of Gross Value Added (GVA) over the same period.
Key commitments in the deal include £300m for world leading data innovation centres, £140m for the much-needed A720 city bypass at the Sheriffhall Roundabout and transport improvements across west Edinburgh, £20m capital funding for a new world class concert hall in the city centre, a £25m regional skills programme to support improved career opportunities for disadvantaged groups and £65m of new funding for housing development sites.
Brown said: “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 £33bn 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.”
McVey said: “This deal 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.”
Shona Haslam, leader of Scottish Borders Council, said: “This is excellent news for the Scottish Borders. We will not only benefit from specific funding but also from a stronger and more vibrant city region. This will be achieved through a range of projects to be taken forward by the individual partners and collectively.
“A focus for us will be driving forward the development of the Central Borders Business Park in Tweedbank. This builds on the success of the Borders Railway and is yet another example of the Council seeking to maximise the economic benefits that the railway provides.”
Professor Sir Timothy O’Shea, Principal of the University of Edinburgh, said: “Our research in new data technologies and the skills of our graduates have helped establish Edinburgh over the last decade as one of the main centres of the digital economy in the UK.
“The City Deal provides the impetus to move to the next level: a transformational programme of data-driven innovation which will harness the power of data technologies across the economy, from healthcare to agriculture, robotics, public services, finance and the creative industries, and equip many more of our young people from all backgrounds to succeed in the digital economy.”
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