By Daniel Hunter

A landmark £1.2 billion City Deal for Glasgow and Clyde Valley will be signed today (Thursday), giving a huge boost to the city's economy.

Chief Secretary to the Treasury, Danny Alexander and Greg Clark, Minister for Cities are in Glasgow to sign the deal which is expected to create almost 30,000 jobs over the next 20 years. The deal will also unlock a further £3.3 billion of private sector investment in the city.

The flagship proposal remains a £1.13 billion Glasgow and Clyde Valley Infrastructure Fund which will be used to take forward up to 20 infrastructure schemes across the city-region. These include:

- Clyde Waterfront and West End Innovation Quarter: investment in site remediation and transport improvements to the M8 to unlock 800 hectares of new employment sites on the Clyde Waterfront and the West End innovation quarter. This investment will bring this site back into use for the first time since the closure of the docks in the 1970s.

- Glasgow Canal and Northern Gateway: This scheme will provide a new bridge and transport improvements that will improve access to the Northern Gateway. This will enable significant new housing to be built as well as improved facilities such as a new Urban Sports Centre.

- Transport to Glasgow Airport: Investment in transport routes from Glasgow City Centre and Glasgow airport, as set out in the Surface Access Strategy. This will include some form of rail link to the airport; the specific type of rail link is subject to further design and assessment.

Following the July announcement by Glasgow leaders and the UK government to jointly provide £630 million of funding for this proposal (£500 million coming from the UK government), the Scottish government confirmed its intention to match the UK government contribution with £500 million of new funding as well.

Speaking in Glasgow, Danny Alexander, Chief Secretary to the Treasury, said:

"This is fantastic news for residents of the city and the Clyde Valley region, as it means those who know Glasgow best — the people who live and work here — can decide where this investment can benefit them and their families most.

"The City Deal shows how Glasgow can benefit from having the best of both worlds: a devolved government in Scotland and the broad shoulders of the UK government that can use its influence and resources to unlock vital investment."

Greg Clark, Minister for Universities, Science and Cities, said:

"The Glasgow and Clyde Valley City Deal is one of the most significant deals we have agreed. It places Glasgow in the vanguard of the UK’s great cities who are driving forward the economic success of their areas with the encouragement and support of the government.

"Innovation, transport infrastructure, business support, investment in life sciences and skills for young people are all essential foundations for jobs and prosperity, which are being enhanced by this historic City Deal today."

In addition to the flagship infrastructure scheme the City Deal has agreed the following complementary schemes that will drive growth and support residents back into work:

- a new £9 million employment scheme that will work with over 4,000 vulnerable unemployed residents currently in receipt of Employment Support Allowance, enabling at least 600 claimants into sustained work. The UK government will provide £4.5 million to support this scheme.

- a new employment support services for young people (16 to 24) underpinned by a Glasgow and Clyde Valley Youth Guarantee. Local leaders believe that over the next 3 years this programme will work with 15,000 young people, helping 5,000 into sustained work.

- a new £0.6 million scheme to boost the earnings of people on low incomes, with half of this funding coming from the UK government.

- a £16 million UK government contribution to a new £64 million Stratified Medicine Centre of Excellence, which will provide life science research and innovation facilities at the New South Glasgow Hospitals Campus.

- a £1.2 million UK government contribution to a £4 million MediCity Scotland facility which will bring together academics, entrepreneurs, clinicians and business support services to bring new healthcare services and medical technology to the market.

- a £1.7 million UK government funding for a new £4 million Centre for Business Incubation, Development and Recovery in Tontine House in Glasgow’s Merchant City.

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