£160m announced for two Scots ‘Investment Zones’

LOCAL leaders, businesses and universities are to take “the lead in shaping and developing specific plans”, in how to spend a combined £160m in Greater Glasgow and the north-east of Scotland.

It follows news from the Scottish Government that the two areas have been named ‘Investment Zones’ – and to be allocated £80m each – as part of an initiative announced earlier this year by UK-wide Budget (here).

The aim of the Zones is to “boost the economy, stimulate business growth and create high-quality, well-paid jobs”.

And says the Scottish Government, here: “Glasgow City Region and the North East will each be supported by up to £80 million in targeted investment, tax reliefs and other incentives over five years following a joint selection process by the Scottish and UK governments.

“Scottish ministers have tailored the UK Government’s Investment Zone model to ensure it aligns with the National Strategy for Economic Transformation and supports innovation in sectors such as net zero [carbon emissions], digital and life sciences. There will be a strong emphasis on fair work, mirroring the arrangements for Green Freeports [here, which were allocated to the Cromarty Firth and the Firth of Forth].”

Among the media outlets reporting the news is The Herald newspaper, here.

Pictured: Aberdeen harbour, Picture credit: Place Design Scotland

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