Tay Cities Deal secures £700m investment

The Tay Cities Deal has reached a major milestone with UK Government Minister Iain Stewart joining the deal’s partners for an online ceremony to ratify the implementation and secure financial arrangements for £700 million investment in the region.

The deal is an agreement between the UK and Scottish governments along with Angus, Dundee City, Fife and Perth & Kinross councils as well as partners in the business and higher and further education sectors.

The UK and Scottish governments are each investing £150 million, which will help to leverage a further £400 million of investment from public and private partners.

The transformative deal for the region will create more than 6,000 jobs.

UK Government Minister Iain Stewart said: “Today’s landmark signing will deliver transformative investment to the entire Tay region, including £150 million from the UK Government.

“The deal will create thousands of jobs through innovative projects such as cutting-edge forensic science at the University of Dundee and a drone port at Montrose in Angus.

“Investments in Perth City Hall transformation and Innerpeffray Library, Scotland’s oldest lending library, will also enhance the region’s culture and tourism offering.

“This is the seventh Full Deal we have signed in Scotland and we now have deals in implementation or development for all of Scotland, representing investment from the UK Government of over £1.5 billion.

“At the Spending Review in November the Chancellor, Rishi Sunak, announced that the UK Government’s funding for the deal would be delivered over 10 years instead of 15, which will help projects to be delivered sooner.

“The Tay Cities Deal projects aim to place the region at the forefront of innovation, technology and connectivity.”

The UK Government said it is investing £150 million in 16 projects, all of which are subject to final approval of robust business cases:

  • £15 million for ‘Just Tech’ the world’s first institute for forensic science innovation, at the University of Dundee
  • £ 5.7 million for cyberQuarter, a cyber-security centre of excellence at Abertay University
  • £ 8.1 million for the Aviation Academy for Scotland
  • £20 million for the International Barley Hub at the James Hutton Institute
  • £25 million for the Advanced Plant Growth Centre at the James Hutton Institute
  • £5.2 million for the creation of an advanced plastics recycling facility capable of treating all waste plastic types
  • £5 million for Perth Innovation Highway that will support business development at the planned Perth Eco Innovation Park
  • £10 million for the transformation of Perth City Hall into a new museum and potential home for the Stone of Destiny
  • £24.5 million for the Eden Campus, a Centre of Excellence in Low Carbon and Renewable Energy innovation at the University of St Andrews. Plus a further £300,000 for the Stretch Dome Simulator that can be used to test research and innovation in areas like climate change
  • £2 million for rural high speed broadband in Angus and in Perth & Kinross. This will be enhanced by a further £5.9 million from the UK Government Local Full Fibre Network programme.
  • £5.6 million to promote North Angus and Montrose as a clean growth zone
  • £5.9 million for low carbon projects in Angus
  • £15 million for the development of agritech in Angus
  • £100,000 for developing Innerpeffray library, Scotland’s oldest lending library
  • £1 million for the Crief International Highland Centre
  • £1.6 million for AERO SPACE Kinross