Plans for a major deal which could bring £1.84 billion worth of investment to Tayside and Fife — creating about 15,000 jobs — have been unveiled.
Council chiefs in Dundee, Angus, Perth & Kinross and Fife revealed today their bid for a Tay Cities Deal, which they say would benefit 500,000 people across the area.
A detailed report, published online today, described it as a “one-in-a-generation opportunity to deliver transformational change for the people, businesses and future economic prosperity” of the region.
It’s hoped that the cash can be secured for the four council areas from a variety of sources, including more than £800 million from the UK and Scottish Governments and their agencies.
The other 55% of the money would be brought in via other partners including the private sector, universities, colleges and the voluntary sector.
If the funding was ratified by politicians at a national level, it’s hoped that the cash could be ploughed into a range of projects and initiatives designed to enable businesses to grow, attract other investment and strengthen the region’s economy.
The report said that the success of the programme will produce “long-term benefits by raising productivity levels, closing the jobs gap, fully realising sectoral strengths and opportunities, and addressing inequality of opportunity in employment across generations”.
Council chiefs have vowed that if the deal is secured, they will reduce youth unemployment levels by 40%, create more than 1,750 jobs in the care, hospitality and aviation sectors, and establish a “world-class engineering and advanced manufacturing facility”.
In addition, those behind the bid want to create a major centre in Scotland for oil and gas decommissioning work through a partnership between Dundee, Montrose and Methil ports.