Glasgow City Region selected as one of four UK regions to benefit from National Wealth Fund Partnership
Glasgow City Region has been chosen as one of four areas across the UK to take part in a new UK Government initiative which connects regions with central government and industry expertise to support them to unlock private investment opportunities and boost local growth.
Chancellor Rachel Reeves announced the new approach across the National Wealth Fund and the Office for Investment, which will work with local leaders across the UK to support places to build pipelines of incoming investment and projects linked to regional growth priorities.
The National Wealth Fund will trial Strategic Partnerships in Glasgow City Region as well as in Greater Manchester, West Yorkshire and the West Midlands.
The partnerships will provide hands-on support with tailored commercial and financial advice to help regions develop and secure long-term investment opportunities.
The initiative aims to play a key role in unlocking investment across sectors such as technology, manufacturing, and green energy.
It will put local knowledge and leadership at the forefront, with tailored strategies for each region, ensuring investment matches local needs and drives sustainable growth
Susan Aitken, leader of Glasgow City Council and chair of the Glasgow City Region Cabinet said:
“This is welcome recognition of Glasgow City Region’s role as Scotland’s metro region, a vital motor in delivering prosperity and with a track record of securing and delivering on investment.
Cities and city regions are the vital engine rooms of local and national economic growth and Glasgow’s selection as one of the four strategic partnerships to work with Government on maximising investment opportunities will, I’m sure, contribute to our ambition to become the most innovative, resilient and inclusive regional economy in the UK.”
Chancellor of the Exchequer, Rachel Reeves MP said:
“Those with local knowledge and skin in the game are best placed to know what their area needs, and our transformative reforms will put local leaders at the centre of a network that will connect them with investment opportunities, bringing wealth and jobs to their communities”.
Scottish Secretary, Ian Murray said:
It’s fantastic to see that Glasgow has been chosen as one of four areas where the UK Government will develop investment pipelines. The move will see us engage with local leaders and tap into their expertise to find out exactly where we can best put to use support from avenues like the National Wealth Fund and Office for Investment.
Encouraging regional growth is key to our Plan for Change, to speed up investment in business and industry, creating jobs and opportunity right across the UK.
The potential for growth in Scotland is phenomenal and we’ll explore every opportunity to maximise that growth, to put more money in people’s pockets and see living standards improved everywhere.
Further action to drive regional growth will also include a review of the Green Book, the government guidance on value for money, and how it is being used across the public sector to provide objective, transparent advice on public investment across the country. This review will report back at the conclusion of the Spending Review this summer.
This follows the English Devolution White Paper, published at the end of last year, which set out an enhanced devolution framework to ensure strategic authorities have the powers and tools they need to meet local growth ambitions.
