Landmark £1.2 billion Glasgow and Clyde Valley City Deal signed
Danny Alexander and Greg Clark visit Glasgow to sign the Glasgow and Clyde Valley City Deal, which sets out the region's strategy for economic growth.
Danny Alexander, Chief Secretary to the Treasury, and Greg Clark, Minister for Cities, are in Glasgow to sign the finalised £1.2 billion Glasgow and Clyde Valley City Deal with local council leaders and the Scottish government. This follows the City Deal Heads of Terms Agreement, which was announced by the Prime Minister, Chancellor and the Chief Secretary to the Treasury in July, setting out the UK and Glasgow and Clyde Valley contribution to the City Deal.
The finalised deal is set to create over 29,000 jobs over the next 20 years and unlock a further £3.3 billion of private sector investment across the city region.
Read the final Glasgow and Clyde Valley City Deal in full.
The flagship proposal remains a £1.13 billion Glasgow and Clyde Valley Infrastructure Fund which will be used to take forward up to 20 infrastructure schemes across the city-region. These include:
- Clyde Waterfront and West End Innovation Quarter: investment in site remediation and transport improvements to the M8 to unlock 800 hectares of new employment sites on the Clyde Waterfront and the West End innovation quarter. This investment will bring this site back into use for the first time since the closure of the docks in the 1970s.
- Glasgow Canal and Northern Gateway: This scheme will provide a new bridge and transport improvements that will improve access to the Northern Gateway. This will enable significant new housing to be built as well as improved facilities such as a new Urban Sports Centre.
- Transport to Glasgow Airport: Investment in transport routes from Glasgow City Centre and Glasgow airport, as set out in the Surface Access Strategy. This will include some form of rail link to the airport; the specific type of rail link is subject to further design and assessment.
Following the July announcement by Glasgow leaders and the UK government to jointly provide £630 million of funding for this proposal (£500 million coming from the UK government), the Scottish government confirmed its intention to match the UK government contribution with £500 million of new funding as well.
Speaking in Glasgow, Danny Alexander, Chief Secretary to the Treasury, said:
This is fantastic news for residents of the city and the Clyde Valley region, as it means those who know Glasgow best – the people who live and work here – can decide where this investment can benefit them and their families most.
The City Deal shows how Glasgow can benefit from having the best of both worlds: a devolved government in Scotland and the broad shoulders of the UK government that can use its influence and resources to unlock vital investment.
Greg Clark, Minister for Universities, Science and Cities, said:
The Glasgow and Clyde Valley City Deal is one of the most significant deals we have agreed. It places Glasgow in the vanguard of the UK’s great cities who are driving forward the economic success of their areas with the encouragement and support of the government.
Innovation, transport infrastructure, business support, investment in life sciences and skills for young people are all essential foundations for jobs and prosperity, which are being enhanced by this historic City Deal today.
In addition to the flagship infrastructure scheme the City Deal has agreed the following complementary schemes that will drive growth and support residents back into work:
- a new £9 million employment scheme that will work with over 4,000 vulnerable unemployed residents currently in receipt of Employment Support Allowance, enabling at least 600 claimants into sustained work. The UK government will provide £4.5 million to support this scheme.
- a new employment support services for young people (16 to 24) underpinned by a Glasgow and Clyde Valley Youth Guarantee. Local leaders believe that over the next 3 years this programme will work with 15,000 young people, helping 5,000 into sustained work.
- a new £0.6 million scheme to boost the earnings of people on low incomes, with half of this funding coming from the UK government.
- a £16 million UK government contribution to a new £64 million Stratified Medicine Centre of Excellence, which will provide life science research and innovation facilities at the New South Glasgow Hospitals Campus.
- a £1.2 million UK government contribution to a £4 million MediCity Scotland facility which will bring together academics, entrepreneurs, clinicians and business support services to bring new healthcare services and medical technology to the market.
- a £1.7 million UK government funding for a new £4 million Centre for Business Incubation, Development and Recovery in Tontine House in Glasgow’s Merchant City
Notes for editors
- Twenty six City Deals have so far been announced with cities and urban areas across the country.
- The content of the City Deals reflects the different needs of cities.
- The cities have made proposals that are focused on the single biggest economic issue in their area. Some cities and their local areas are proposing City Deals focused on tools and powers to equip local people and businesses with the skills they need to take advantage of significant expansion in high value jobs in their areas; others on creating ecosystems to foster innovation and private sector growth; others to invest in infrastructure to unlock housing and jobs sites.
- City Deals are only one aspect of the government’s commitment to devolving power and empowering cities and their surrounding areas in England. And the devolution and localization agenda is also being clearly demonstrated in Scotland.
Latest News from
Switzerland and UK to negotiate a bilateral financial services agreement01/07/2020 15:20:00
Cross-border financial services trade between the UK and Switzerland is set to become easier, thanks to a commitment signed yesterday (30 June) by the Chancellor of the Exchequer and his Swiss counterpart.
Speech by the Chancellor of the Exchequer, Rushi Sunak, on the future relationship between the UK and Switzerland on financial services01/07/2020 12:48:00
Speech given yesterday by Chancellor of the Exchequer, Rishi Sunak, on the UK and Switzerland’s commitment to develop a mutual recognition agreement on financial services.
More firms can now benefit from the Future Fund30/06/2020 15:20:00
More start-ups and innovative firms will be able to apply for investment from the government’s Future Fund from today (Tuesday 30 June).
£105 million to keep rough sleepers safe and off the streets during coronavirus pandemic25/06/2020 08:12:00
Interim housing for thousands of rough sleepers taken off the streets during the pandemic to be provided.
Over 40 new firms commit to promoting gender diversity in financial services24/06/2020 11:10:00
Over 40 new companies have signed up to the Women In Finance charter, which aims to promote gender diversity in Financial Services, the City Minister John Glen yesterday announced.
Regulatory reforms in Financial Services23/06/2020 15:20:00
Details on the UK’s continued commitment to high regulatory standards for the financial services sector post-EU withdrawal have been published today.
Chancellor urges nation to support their high streets22/06/2020 15:20:00
Rishi Sunak urges the nation to back their high street and shop safely.
Chief Executive of the Financial Conduct Authority22/06/2020 14:32:00
The Chancellor has today (22 June) announced that Nikhil Rathi will be the new Chief Executive of the Financial Conduct Authority (FCA).