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| Chancellor to announce £18m business and science funding for Glasgow | Chancellor to announce £18m business and science funding for Glasgow |
| (about 7 hours later) | |
| Chancellor George Osborne is to announce £18m of funding for life sciences and a new centre for business when he visits Glasgow later. | Chancellor George Osborne is to announce £18m of funding for life sciences and a new centre for business when he visits Glasgow later. |
| Mr Osborne will tell more than 200 political and business leaders at the Commonwealth Games Business Conference that it could help create 30,000 jobs. | Mr Osborne will tell more than 200 political and business leaders at the Commonwealth Games Business Conference that it could help create 30,000 jobs. |
| Glasgow City Council leader Gordon Matheson has welcomed the announcement. | Glasgow City Council leader Gordon Matheson has welcomed the announcement. |
| "The City Deal will transform the Glasgow City region," he said ahead of Mr Osborne's speech. | "The City Deal will transform the Glasgow City region," he said ahead of Mr Osborne's speech. |
| "This will mean not only better health for Glaswegians but, crucially, more sustainable, high-value jobs." | "This will mean not only better health for Glaswegians but, crucially, more sustainable, high-value jobs." |
| Innovation facilities | Innovation facilities |
| At the University of Glasgow, Mr Osborne will announce: | At the University of Glasgow, Mr Osborne will announce: |
| • A £16m UK government contribution to a new £64m Stratified Medicine Imaging Centre of Excellence that will provide life science research and innovation facilities at the New South Glasgow Hospitals Campus; | • A £16m UK government contribution to a new £64m Stratified Medicine Imaging Centre of Excellence that will provide life science research and innovation facilities at the New South Glasgow Hospitals Campus; |
| • A £1.2m UK government contribution to a £4m MediCity Scotland facility that will bring together academics, entrepreneurs, clinicians and business support services to bring new healthcare services and medical technology to the market; | • A £1.2m UK government contribution to a £4m MediCity Scotland facility that will bring together academics, entrepreneurs, clinicians and business support services to bring new healthcare services and medical technology to the market; |
| • £1.7m in UK government funding for a new £4m Centre for Business Incubation, Development and Recovery in Tontine House in Glasgow's Merchant City. | • £1.7m in UK government funding for a new £4m Centre for Business Incubation, Development and Recovery in Tontine House in Glasgow's Merchant City. |
| The remaining funding for the projects will be provided by local partners in Glasgow, including the Scottish government, Scottish Funding Council, Glasgow City Council, the University of Glasgow and the University of Strathclyde. | The remaining funding for the projects will be provided by local partners in Glasgow, including the Scottish government, Scottish Funding Council, Glasgow City Council, the University of Glasgow and the University of Strathclyde. |
| "The Imaging Centre of Excellence will put Glasgow at the forefront of cutting edge medical research," said Mr Matheson. | "The Imaging Centre of Excellence will put Glasgow at the forefront of cutting edge medical research," said Mr Matheson. |
| "It is the best example of partnership between local and central government." | "It is the best example of partnership between local and central government." |
| Funding pledge | |
| Scottish Finance Secretary John Swinney said: "This funding builds not only on the £1bn of Scottish government investment in the new Southern General Hospital without which these new life sciences investments would not be possible, but also on the excellent reputation of Scotland's universities which make Scotland the best educated country in the EU. | |
| "The Scottish government has committed to match in full the funding announced last month for Glasgow's City deal, a proposal which we understand consists of just £15m a year for the first five years, with future years' funding contingent on a review at the end of the first five-year period. | |
| "As well as matching the UK government funding now, we will also guarantee this funding to Glasgow when Scotland becomes independent." | |
| Mr Swinney said the Scottish government had recently invested £1.5bn in Glasgow and provided capital funding of £1.1bn to Glasgow City Council since 2008. | |
| He added: "However, unlike the UK government, we will ensure that all of Scotland's cities can benefit as well - which is the intention of our recently announced Growth Accelerator funding model." | |
| The two-day conference, jointly organised by the Scottish and UK governments and Scottish Enterprise, being held on the eve of the Commonwealth Games, will also be attended by Scottish First Minister Alex Salmond and Bank of England governor Mark Carney. | The two-day conference, jointly organised by the Scottish and UK governments and Scottish Enterprise, being held on the eve of the Commonwealth Games, will also be attended by Scottish First Minister Alex Salmond and Bank of England governor Mark Carney. |
| City Deal | City Deal |
| It will be chaired by BBC broadcaster John Humphrys and will also feature speeches by Scottish Finance Secretary John Swinney. | It will be chaired by BBC broadcaster John Humphrys and will also feature speeches by Scottish Finance Secretary John Swinney. |
| Mr Osborne's announcement is part of the Glasgow and Clyde Valley City Deal, announced last year, which gives the city greater responsibility to stimulate and support economic growth in the area and to which the Scottish and UK governments will each invest £500m. | Mr Osborne's announcement is part of the Glasgow and Clyde Valley City Deal, announced last year, which gives the city greater responsibility to stimulate and support economic growth in the area and to which the Scottish and UK governments will each invest £500m. |
| He is expected to say of the Stratified Medicine Imaging Centre of Excellence: "This is a hugely exciting new technology that has the potential to improve radically treatments for chronic diseases including cancer, diabetes and dementia - with treatments tailored to the patient's DNA. | |
| "It's a major investment in Glasgow's growing life sciences industry - which will keep them at the cutting edge in this global race. " | "It's a major investment in Glasgow's growing life sciences industry - which will keep them at the cutting edge in this global race. " |
| Of the MediCity Scotland campus on the outskirts of Glasgow, he will say: "We're backing them today with this new space where academics, entrepreneurs and clinicians will come together to develop new technologies and new businesses." | Of the MediCity Scotland campus on the outskirts of Glasgow, he will say: "We're backing them today with this new space where academics, entrepreneurs and clinicians will come together to develop new technologies and new businesses." |
| Trade links | Trade links |
| Meanwhile, the "new business incubator in the heart of Glasgow's historic Merchant City will "house up to 125 businesses over the first five years - providing them with the very best facilities and mentoring so they can thrive". | Meanwhile, the "new business incubator in the heart of Glasgow's historic Merchant City will "house up to 125 businesses over the first five years - providing them with the very best facilities and mentoring so they can thrive". |
| "These initiatives - taken together with the infrastructure fund - have the potential to create almost 30,000 jobs in the area," Mr Osborne will claim. | "These initiatives - taken together with the infrastructure fund - have the potential to create almost 30,000 jobs in the area," Mr Osborne will claim. |
| The conference in Glasgow is aimed at forging trade links across the Commonwealth. | The conference in Glasgow is aimed at forging trade links across the Commonwealth. |
| The event, which will be streamed live on the Scottish Enterprise website, will focus on issues and opportunities common to all countries, such as: | The event, which will be streamed live on the Scottish Enterprise website, will focus on issues and opportunities common to all countries, such as: |
| Scottish exports to Commonwealth countries outside the UK are worth about £2bn a year and organisers of the conference hope laying the groundwork for more long-term commercial partnerships can be a key legacy of the Glasgow 2014 Games. | Scottish exports to Commonwealth countries outside the UK are worth about £2bn a year and organisers of the conference hope laying the groundwork for more long-term commercial partnerships can be a key legacy of the Glasgow 2014 Games. |