Aberdeen closes in on City Region Deal
We're waiting to get more details about the City Region Deal for Aberdeen City and Shire - worth close to ÂŁ3 billion - after it was confirmed by the Secretary of State for Scotland.
Aberdeen's on the verge of securing a City Region Deal.
The Scottish Secretary's confirmed they'll announce full details soon - after the First Minister said the Scottish Government would provide half the funding.
It could bring in close to ÂŁ3 billion in investment.
Secretary of State for Scotland David Mundell said:
"UK City Deals are a UK Government initiative to target significant investment to boost local economic growth. We have seen already how effective they are in cities and communities right across the UK.
"The UK Government has been leading discussions with the Scottish Government and other partners on a UK City Deal for Aberdeen. We are committed to doing all we can to support the oil and gas sector and the wider north east economy.
"I am delighted that the Scottish Government has committed to join us in contributing funding, adding to that already pledged by the UK Government. We expect to be able to announce the full details of the Aberdeen City Deal shortly.
"This is an excellent example of the UK and Scottish Governments working together for the benefit of Scotland."
Aberdeen City Council Leader, Councillor Jenny Laing, said: "We have always felt that we had a very compelling case for a City Region Deal for Aberdeen and it is encouraging to hear the positive supportive comments from the Secretary of State for Scotland and the First Minister today.
"Our officers have been working closely with our colleagues in Aberdeenshire, the private sector and the UK and Scottish governments and have held joint negotiations on detailed proposals for investment in innovation, internationalisation, digital connectivity and infrastructure.
"Aberdeen has long been recognised as a key driver of the Scottish and UK economy, but the downturn that we are currently experiencing in the oil and gas industry has brought the need for intervention from all three levels of government into sharp focus.
"We believe the City Region Deal will help to secure the long-term future of this area and ensure Aberdeen continues to contribute substantially to UK Plc for decades to come. We have been aware that a decision was imminent, and given the statements made today, we look forward to financial details of the contributions from both governments being announced at the earliest opportunity."