The UK and Scottish governments sign £100m growth deal for the development of Moray

The UK and Scottish governments have approved a £100 million worth growth deal for Moray’s future prosperity and development. Senior ministers from both Westminster and Holyrood along with Moray Council’s leader Graham Leadbitter virtually signed the Heads of Terms agreement to herald the process of growth and development in Moray.

According to reports, both the UK and Scottish governments have contributed £32.5 million each in the deal with approximately £35.8 million worth of investment coming from the public, private and third sector businesses. Aiming to create approximately 450 jobs over the next 10-15 years, the deal will facilitate an array of initiatives including the development of tourist attractions, innovation centre and a digital health project.

Scotland minister Iain Stewart and Moray Council leader Graham Leadbitter have told the media that the deal will fund various projects including a Grant Lodge for visitors in Elgin, a manufacturing innovation base, and a digital health and care project at Moray College.

Iain Stewart, who is the Parliamentary Under-Secretary of State for Scotland for the UK Government, also stated that the Moray Growth Deal will be significant for getting the Scottish economy back on track in the aftermath of Coronavirus pandemic. He further hailed the UK Government stating that it has committed more than £1.5 billion to several growth and development deals across the country to secure the future of the Scottish economy.

Speaking to media, Highlands and Islands Enterprise’s chief executive Charlotte Wright pointed out the significance of the deal towards the long-term economic and sustainable future of Moray and Scotland.

“It will help support projects that promote innovation, drive growth and help deliver sustainable and inclusive economic recovery across the whole of Moray,” she said.

Besides this, the UK government had earlier announced investing £21m in the establishment of the Moray Aerospace, Advanced Technology and Innovation Campus to provide skilled aviation engineering jobs for the residents in the region. As per a statement by the UK government, the aerospace centre will be established adjacent to RAF Lossiemouth with the aim to transform Moray into a global centre for aviation engineering and attracting more businesses to the region.

The  £21-million worth of investment in the aerospace centre project is a part of the Moray Growth Deal, with approximately £12.3-million being invested from local partners.

In the aftermath of the pandemic, the UK government launched various initiatives to assist the Scottish government to combat the economic repercussions of the global crisis. With the help of its furlough and self-employed schemes, the British government supported more than 900,000 jobs across Scotland, which also included 15,700 jobs in Moray.

To know more about Economy News:

Leave a Reply

Your email address will not be published. Required fields are marked *