Glasgow city region will be one of two Scotland’s Investment Zones , alongside the North East of Scotland, following an agreement between the UK Government and Scottish Government.
The city is set to benefit from an overall funding package of £80million over a five-year period, with the Investment Zone bringing tax incentives and funding opportunities that will attract investment, improve skills, provide specialist business support and improve local infrastructure.
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.
Glasgow and North East of Scotland are the first two Investment Zones outside of England.
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Councillor Susan Aitken, Leader of Glasgow City Council and Chair of the Glasgow City Region Cabinet said: “Glasgow has a proven and long-standing track record in successfully delivering on investment and today’s announcement is an opportunity to build on that - for the benefit of our regional economy and the well-being and prosperity of our citizens.
"An international hub of investment and innovation, the success of Glasgow City Region is key to the success of the Scottish and UK economies. But we’re also a region with the greatest need for public support to address deep-rooted inequalities.“In the weeks and months ahead, we’ll work with government to develop the detail around the City Region’s Investment Zone to deliver on our ambitions for economic growth, inward investment, sustainability and a more inclusive and equitable economy.”
Glasgow Chamber of Commerce chief executive, Stuart Patrick, said: “Today’s announcement brings welcome investment that will secure growth opportunities for blossoming businesses in Glasgow.
“The city is the third-top tech destination outside London and this decision not only recognises this well-deserved accolade, but equally backs the potential of our three innovation districts in engineering, life sciences and advanced manufacturing.
“These are some of the brightest spots on the horizon for the city’s economy, alongside the research commercialisation work of our universities and colleges.
“After the disappointment of the Freeports decision, we have been actively lobbying for support to help the city’s economy recover so we are extremely pleased to see fresh money and targeted tax incentives to help further cement Glasgow’s status as an emerging tech hub.”
Secretary of State for Levelling Up, Michael Gove added: “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.”
