16 . Glasgow Business October 2016
Councillor Frank McAveety, Leader, Glasgow City Council
From tough challenges to future opportunities
G
lasgow, like the rest of the UK, is still coming to terms with the outcome of June’s
referendum on EU membership. Te aſtershocks from 23 June’s Leave vote rumble on, and are likely to continue for the foreseeable future. We live in unprecedented times, with a real danger of serious economic challenges in the coming years. Already we are seeing major
European cities take advantage of this uncertainty by openly courting business away from the UK. Glasgow, however, always rises to a challenge. We have shown ourselves to be resilient in the face of adversity and should be confident in facing the challenges before us. Aſter all, we have history of tackling major challenges head on. In 2008, we faced the largest
financial crisis in history. How did Glasgow respond? By hosting the most successful Commonwealth Games of all time, while simultaneously regenerating the east end of the city. We invested £198m in sports facilities and awarded £200m in contracts, many to Glasgow-based companies. We brought forward the multi-million regeneration of the north of the Glasgow
The Brexit result may bring uncertainty but Glasgow is facing a strong future
following our Youth Olympic Games bid and we continue to transform neighbourhoods across Glasgow. We built one of the world’s leading music and events venues – the SSE Hydro – and also developed the Glasgow Economic Commission, bringing together leaders from the public, private and higher education sectors to shape and guide our recovery. We also signed the Glasgow City Region City Deal, the first in Scotland and the largest in the UK. Tis will deliver £1.13 billion of infrastructure investment, create more than 28,000 permanent jobs and
lever in a further £3bn of private sector investment. All of the above was delivered
at a time when public spending is facing its harshest and most challenging conditions in modern history. While this continues to present an enormous challenge, we cannot not let it stifle our ambition for Glasgow. With uncertainty comes
opportunity. Glasgow’s response to Brexit will draw on our strengths: our people, our city, our economy. Te launch of the city’s Resilience strategy has the economy at its core, to ensure that we are well equipped to endure
Some 540 jobs will be
created at the Incubator at The Tontine
the stresses that may emerge. Glasgow will continue to
invest to stimulate future prosperity and economic opportunity. Te £1.3m Incubator at the Tontine, for example, will support 135 new businesses, generating a direct increase in GVA in the region of £53m while creating 540 new jobs. Working with our neighbours
across the Glasgow City Region, we will be stronger together in building a city region that can compete globally. Winning European
Entrepreneurial Region for 2016 put Glasgow on the map as a city commited to innovation and enterprise. Tis award provides a solid foundation to build upon as we continue to encourage small businesses, who are the backbone of our economy. While nobody can predict the
future, it is clear that strong leadership is crucial. Guided by the Glasgow Economic Leadership board, our new seven-year economic strategy – with productivity and reducing inequality at its heart – will prepare Glasgow to fulfil our economic potential and face future challenges. Given our track record, we should do so with confidence.
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