The Tay Cities Region comprises the local authority areas of Angus, Dundee City, Perth & Kinross and the North East area of Fife. The region has a strong economic base and regional identity with world class universities and many cutting-edge businesses. It is home to almost 500,000 people and over 15,000 businesses. Its two cities, Dundee and Perth, are just over 20 miles apart.
Inspired by the catalyst City Region Deal process, regional partners have established a strong regional economic partnership to drive their economy and their Tay Cities Regional Economic Strategy sets out both the challenges and the opportunities for the regional economy over the coming years. The partners are very clear that for the economy to thrive they must:
- grow their base of knowledge-led businesses
- support more businesses to trade internationally
- attract investment
- attract and retain talented people
- improve connectivity to, from and around the region
- increase economic participation
- reduce inequalities
This Heads of Terms sets out the scope of a City Region Deal that seeks to transform the regional economy by delivering inclusive growth: raising the productivity of the region and increasing the participation of its workforce. Its themes reflect the regional strategy and focus on inclusion, industry, innovation, internationalisation and empowerment.
The Heads of Terms commits the UK Government and the Scottish Government to work collaboratively with the regional partners to deliver a Deal that will transform the regional economy. The Scottish Government and the UK Government will each invest up to £150 million in the Deal over 10-15 years, subject to final approval of robust business cases
City Region Deal partners believe that this investment has the potential to secure over 6,000 jobs and lever in over £400 million in investment over the next 10-15 years, decisively reducing the economic inequality gap as part of the drive to boost productivity.