36 . Glasgow Business October 2014
CITY DEAL OF THE CENTURY
City deal is a ‘game changer’ for Glasgow. It is set to create thousands of jobs in infrastructure projects and unlock billions of pounds of private business investment
T
he future of Glasgow looks bright. From a Chamber of Commerce point of view, there is
much to look forward to in the coming years. It will be about firms working together to deliver a vision of Glasgow as the economic powerhouse of Scotland.
Te impetus is the £1.13bn
City Deal, which will make a significant impact on our companies, our lives and our standards of living. First and last, it is about creating jobs. Te City Deal, announced in July, brings together the eight local authorities in the Glasgow and Clyde Valley area, the UK and the Scotish Government and is commited to securing an extra 28,000 jobs. But
it is important that the majority of these new jobs are permanent, high quality and sustainable, enhancing the skills of the workforce in the West of Scotland. Trough the City Deal, the UK
Government will be making £500m available as grant funding over the next 20 years, match funded by the Scotish Government. Tis will allow the Clyde Valley authorities, excluding East Dunbartonshire, to create a programme of infrastructure projects valued at £1.13bn. Te participating councils will chip in a further £130m and agree a phased programme, seting out the priorities. At the top of the list of infrastructure projects will be a rail or tram connection
between the city centre and Glasgow Airport. Stuart Patrick, the Chamber’s
Chief Executive, said that Gordon Matheson, the Leader of Glasgow City Council, and his team must be given the credit for pulling together this ambitious plan for the metropolitan area. “Te City Council has been
instrumental in pushing forward the rationale for the City Deal. At the Chamber of Commerce, we’ve been kept up to speed with the plans. Te Council has been working for some time with the UK Government and the Cabinet Office. Tere have been extensive discussions with HM Treasury, the Department of Business Innovation and Skills and Department of Work and
Pensions. Te City Deal is big news for all of us,” he said. Te multiplier effect suggests
that there will be an additional £2.2bn of economic output and a further £3.3bn of private business investment will be unlocked. Tis is a massive amount of money and investment for Glasgow. Te City Deal also ensures
that the local authorities will be working together to secure the benefits for the whole City region. Te City Deal has also been granted an amazing incentive. Previously, none of the additional tax receipts from successful economic development have filtered back to the councils, so increases in income tax, VAT and corporation tax was whisked away into the national UK coffers.
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