At the Edinburgh Chamber of Commerce breakfast meeting last Thursday (24 November 2016) there was excitement about Edinburgh’s future. In his Autumn Statement, the Chancellor restated the UK government’s commitment to ongoing negotiations to secure the Edinburgh City Region Deal post Brexit.
The Chancellor also confirmed that the City Region Deal proposals from the ‘Tay Cities’ of Perth and Dundee are currently being considered and negotiations will commence with Stirling in the New Year. Once the negotiations for Stirling begin, City Region Deals will have been agreed, or be in the process of being agreed, for all cities in Scotland.
The Edinburgh City Region Deal is a £1bn collaboration among the UK Government, Scottish Government and the Edinburgh and South East Scotland City Region (a partnership of the Councils of: City of Edinburgh, East Lothian, Fife, Midlothian, Scottish Borders and West Lothian). It will deliver significant investment in the region designed to accelerate growth in the economy, create jobs and invest in local projects over the next 20 years.
The Deal will provide greater autonomy and decision making powers to the region so that the funding can be used more effectively to boost the economy in target areas, such as knowledge and innovation, skills, housing, culture and technology. It is predicted that in additional to the initial funding, private sector investment will be significantly increased. As an example, during the consultation process, it was identified that there is a need for additional housing in the region. One of the remits of the City Region Deal, in addressing the housing shortage, is to seek partnership with private sector housing developers to develop new communities. New Communities not only addresses the housing shortage but will bring investment to infrastructure, education, business and the creation of new jobs.
The details of the City Region Deal are yet to be revealed, however, reports indicate that detailed discussions will take place in the New Year, with a view to the Edinburgh and South East Scotland City Region City Region Deal being signed by the Spring Budget in March 2016.
Further details can be found here.
Louise Norris, an Associate in our Commercial Property team, attended the Edinburgh Chamber of Commerce breakfast networking event.