Moray Growth Deal to be fast-tracked, UK chancellor announces
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FUNDING for the Moray Growth Deal will be fast-tracked to be delivered over 10 years rather than 15, the UK Government announced today.
In his Spending Review speech today, Chancellor Rishi Sunak said the UK Government will bring forward investment in the £100 million agreement.
The move means Moray can make progress on the ground faster for projects, boosting the area’s economy more quickly in the aftermath of the pandemic.
The Moray Growth Deal is a joint UK and Scottish government initiative that will invest £40.6 million to create two Moray College/UHI growth hubs, £31.1 million for culture, tourism and town-centre regeneration, £7 million for a manufacturing innovation base, £7.5 million on housing, £5 million for digital advances in public health, £5 million to boost STEM skills and £4.3 million on public transport improvements.
Moray Conservative MP Douglas Ross said he had been raising the issue for months, including at Prime Minister’s Questions in the House of Commons last week, following calls from Moray Business Forum to speed up the process.
Moray SNP MSP Richard Lochhead said the Scottish Government has been committed to a 10-year timescale from the start of the process and welcomed the change.
Mr Ross said: "This is excellent news for Moray. I’ve been working hard to get the timescale of the deal reduced so we can see the benefits far quicker.
"The chancellor’s announcement today will speed up the delivery of the Moray Growth Deal, along with three others in Scotland. It was great to see Moray mentioned specifically in the statement and shows the priority this deal is getting from the UK Government.
"The projects involved in this deal will bring huge benefits to Moray as we work to rebuild our economy after the coronavirus crisis.
"These benefits will be even greater now that the UK Government has agreed to spread its contribution over a shorter period."
He said Moray Business Forum had made a strong case for the investment period to be reduced.
Mr Lochhead said: "Given the huge economic challenges facing communities in Moray due to Covid-19 and Brexit, the Growth Deal investment by the Scottish and UK government has become more important than ever.
"From the start of talks on the Moray Growth Deal, the Scottish Government has been committed to a 10-year timeframe so work on projects can get under way sooner rather than later.
"The fact that the UK Government has now decided to align its timescale with the Scottish Government’s commitment is helpful and I’m sure the partners will welcome this improved timeframe."
Moray Council's leader and chair of the Moray Economic Partnership, Cllr Graham Leadbitter, said: "This is very encouraging news, and is particularly welcome as we plan our recovery from the effects of the pandemic on our local economy.
"The partnership working is very strong at all levels and our Growth Deal will deliver significant benefit for the whole of Moray."
