The money, which had been promised in last month’s budget, is in addition to £200 being provided by the Scottish government (link opens in new tab).
The deal brings together public, private and voluntary organisations in Angus, Dundee, Fife and Perth & Kinross. The local authorities that make up the zone aim to secure investment and greater local powers with the aim of encouraging skills development and progressing infrastructure such as roads, rail links, buildings and communications networks.
Scottish Secretary David Mundell joined representatives from the Scottish government, leaders from four local councils and local business and academic chiefs at Perth Civic Hall to sign the ‘heads of terms’ for the investment.
“The UK Government’s Tay Cities Deal investment will deliver a transformational boost to the region’s economy,” said Mundell. “The impact of the £150m funding package will be felt across Dundee, Fife, Angus and Perth and Kinross. I want to thank the local partners for their efforts so far. But this is only the start. The real work starts now to deliver these exciting projects - so it’s vital the partners and Scotland’s two governments work together to realise the deal’s amazing potential.”
Angus Council was among those welcoming the signing. Councillor David Fairweather expressed confidence that exciting times lay ahead thanks to the multi-million-pound economic boost that will help to reduce inequality, boost productivity and present multiple opportunities for people living and working in Angus. “I am very excited by the opportunities presented to Angus through the Tay Cities Region Deal,” he said. “Not only does it represent significant investment and confidence in the area, it will also be a catalyst for long-term investment, employment, growth and development in Angus.”
The University of St Andrews also welcomed the news as it is to receive over £26m for infrastructure works at its Eden Campus as part of the initiative. “At a time of wider national uncertainty, this is a very welcome vote of confidence in the potential of Scottish higher education and skills, and I am extremely grateful to the quaestor, Derek Watson, and his team who have worked tirelessly for over a year to persuade government of our potential,” said principal professor Sally Mapstone.