£700m deal to boost NE Fife and Tayside economy signed off

A £700 million programme designed to boost economic prosperity across north-east Fife and Tayside is being confirmed today - with the formal signing of the Tay Cities Region Deal.

The deal is an agreement between the UK Government, Scottish Government, Angus, Dundee City, Fife and Perth & Kinross councils along with the business and higher and further education sectors.

The two governments have pledged £300m which will help to lever a further £400m of investment, with more than 6,000 new job opportunities.

UK Government Minister Iain Stewart said: "Today’s landmark signing will deliver transformative investment to the entire Tay region, including £150m from the UK Government.

"The deal will create thousands of jobs through innovative projects such as cutting-edge forensic science at the University of Dundee and a drone port at Montrose in Angus.

"Investments in Perth City Hall transformation and Innerpeffray Library, Scotland’s oldest lending library, will also enhance the region’s culture and tourism offering.

"This is the seventh full deal we have signed in Scotland and we now have deals in implementation or development for all of Scotland, representing investment from the UK Government of over £1.5 billion."

Michael Matheson, Scottish Government cabinet secretary for transport, infrastructure and connectivity, said: "I am delighted to sign the Tay Cities Region Deal and confirm our £150m investment at a time of unprecedented need.

"The commitments we have made with our partners today will help deliver sustainable, inclusive growth in the region through funding for skills, connectivity and innovation, and make a crucial contribution to economic recovery and renewal in the years to come.

"In these uncertain times, these investments will deliver much needed jobs across the region. I’m pleased that the projects delivered through the Deal can now get underway and start delivering real benefits for local people and businesses."

Councillor David Ross, Fife Council co-leader and chair of the Tay Cities Region Deal joint committee, said: "I am very pleased that we are now finally in a position to sign the Tay Cities Deal. The deal provides a programme of sustained investment for the next 10 years. It forms an important part of our plans to improve economic outcomes for everyone, reduce poverty and develop a fairer Fife.

"The investment, and the 6000 job opportunities across a range of industries that the deal will help to create, will be important in growing and sustaining a successful local and regional economy over the long term.

"It will also help address some of the more immediate issues facing the local and national economy in the wake of Covid-19 and Brexit and contribute to meeting the challenge of climate change.

"Under the deal proposals, up to £26.5m will be invested in the University of St Andrews’ Eden Campus in Guardbridge that’s estimated to leverage in £110m investment and create over 500 new jobs as the former paper mill is redeveloped into a global research and innovation hub helping deliver a low carbon future. This flagship Fife project will enhance Scotland's position as a leader in innovation, sustainable development and low carbon technology."

Councillor Karen Marjoram, member for north-east Fife, said: "This signing of the deal is a significant milestone for north-east Fife. This investment will enable all Tay Cities partners to deliver real and lasting economic benefit to the region, making it an even more attractive and inclusive place to live, work, visit and do business. The investment brings a range of opportunities across the whole region.

"Boosting the economy of the region will bring new jobs and infrastructure improvements to benefit everyone. There are many benefits to Fife from the Regional Skills Programme and the Regional Culture and Tourism programme."

Ellis Watson, chair of Tay Cities Region Deal Enterprise Forum, said: "The Tay Cities Region Deal can’t fail to help the business environment that our companies operate in.

"A third of a billion pounds of real, incremental cash for our region is an incredible result and represents both an investment in and challenge to private, public and educational organisations across the region.

"The Enterprise Forum gives businesses of all industries and sizes the opportunity to play a key role in the changes being realised through the Tay Cities Region Deal and in the recovery and reshaping of our economic, educational, environmental and cultural landscape.

"The impact and success of the impressive range of projects announced today depends not just on the support of business but also on business capitalising on the expertise, networks and resources they offer.

"It is up to us all now to use this show of government faith to cement the Tay Cities area as a connected, innovative, inclusive and internationally-focused environment that people want to live, work and invest in."