The city, with its surrounding areas, is one of five regions to share in the new £140 million UK Government Local Growth Fund.

The locally-targeted investment is intended to improve living standards in the Glasgow City, Edinburgh & South East, Tay Cities, Ayrshire and Forth Valley regions.

Douglas Alexander, Scottish Secretary, launched the fund today and said the Scotland Office will work with the local councils in each of the areas to maximise the potential benefits from the cash.

He said: “The UK Government is today backing regional economies across Scotland with £140 million of new investment. 

“This new investment will allow local leaders to decide how best to use the funding, which could include projects to improve infrastructure, business support or skills development. The UK Government will now work with local partners to develop investment plans tailored to each region.

“By investing in local areas, reducing child poverty, and bringing down inflation, the UK Government is focused on delivering material change to people across the country – boosting living standards and improving public services.”

The five regions’ allocations from the programme over the next three years (26/27 – 28/29) are:Glasgow City: £60.9 million, Edinburgh & South East: £37.8 million, Tay Cities: £19.5 million, Ayrshire: £11.8 million and Forth Valley Region: £9.8 million.

Initiatives funded through the investment could include infrastructure, business support, or skills development – projects which will make a real difference in terms of skilled jobs and people’s prosperity.

The Glasgow City Region includes Glasgow, East Dunbartonshire, East Renfrewshire, Inverclyde, North Lanarkshire, Renfrewshire, South Lanarkshire and West Dunbartonshire.

The UK Government said the fund aims to improve living standards by investing in the regions that contain the areas with the lowest Real Disposable Household Income (RDHI) per capita. 

The funding has been allocated at regional level, through Regional Economic Partnerships (REPs), to enable strategic decision-making and maximum growth impact.