The meeting will confirm the appointment of two major figures from Glasgow's business and academic sectors to bodies associated with the City Deal: Lord Haughey, economist and philanthropist, and Professor Anton Muscatelli, economist and Principal of the University of Glasgow.
Lord Haughey, will be appointed Chair of the Glasgow and Clyde Valley Economic Leadership Board, and Professor Muscatelli will be appointed Chair of the Commission on Urban Economic Growth. These associated bodies are being created to assist the Cabinet by dealing with the co-ordination and maximisation of wider economic development activity related to the City Deal.
The City Deal is expected to give the City Region a permanent uplift in its GVA of £2.2billion per annum (4.4%); generate 15,000 construction jobs during the construction period and 28,000 permanent additional jobs once construction is complete; and will unlock £3.3billion of private sector investment.
The City Deal will fund major infrastructure projects, drive innovation and growth through the support of key sectors such as life sciences, and address challenges in the region's labour market. These projects will allow a programme of work which will greatly add to the value of the local economy over the next 20 years.
The UK and Scottish Governments will each give the City Region £500million in grant funding, and the local authorities will borrow a further £130million.
Councillor Gordon Matheson, Leader of Glasgow City Council, said: "Lord Haughey and Professor Muscatelli are highly accomplished and respected in their fields which are directly relevant to the role they will provide as part of City Deal governance. They are also powerful supporters and advocates of Glasgow and our city-region. I know they will make an enormous contribution to the delivery of this transformative economic project."
Lord Haughey said: "The Glasgow and Clyde Valley City Deal has the potential to deliver outstanding economic growth through job creation across this region. I am honoured and privileged to have been asked to play a part in overseeing the delivery of this major initiative. As Chair of the new Glasgow and Clyde Valley Economic Leadership Board, I look forward to working with all stakeholders to attract high calibre individuals from all sectors of business to be part of the Board."
Professor Anton Muscatelli, Principal and Vice-Chancellor, University of Glasgow will chair the Commission on Urban Economic Growth. He said, "This is a crucially important as well as a very exciting time for the Glasgow City region. In bringing together the expertise and innovation of business, universities and other stakeholders we can really help ensure that the future continues to be one of economic and social development and regional success. I am delighted to have been invited to Chair the Commission on Urban Economic Growth and look forward to working with colleagues to really deliver for the Glasgow City Region."
The City Deal was developed by officers from the eight participating local authorities in the Glasgow City Region and other local partner organisations.
Glasgow City Region is critical to the UK economy as it is the heart of the economy of Scotland. The region has: a population of 1.8million (34% of Scotland), clustered round a vibrant urban core with world class educational, recreational and business facilities; 35% of Scottish jobs, and 40% of the jobs in some of the key sectors such as Finance, Aerospace, Defence and Marine; 36% of Scottish GVA (£36billion in 2011); the only conurbation of scale in Scotland with the diversity of people and talent to quickly adapt to the challenges of the future; a strong track record of joint work and the ability to deliver investments of scale; and a clear vision for action - and the partnership with business and academia to make it happen.
The component parts of this City Deal agreement are:
-based on the proposal developed by the Clyde Valley Authorities (excluding East Dunbartonshire) for a programme of investments over 20 years valued at £1.13billion. -detailed discussions were held on labour market policy, with a view to introducing new ways of working to assist specific groups identified as suffering greater disadvantage in the labour market. - Business Cases are being finalised for three projects which will support new business creation in Life Sciences across the region and a new facility which will accommodate young companies and help them grow.
An Infrastructure Fund -based on the proposal developed by the Clyde Valley Authorities (excluding East Dunbartonshire) for a programme of investments over 20 years valued at £1.13billion.
Funding for Labour Market Programmes -detailed discussions were held on labour market policy, with a view to introducing new ways of working to assist specific groups identified as suffering greater disadvantage in the labour market.
Funding for Innovation and Growth - Business Cases are being finalised for three projects which will support new business creation in Life Sciences across the region and a new facility which will accommodate young companies and help them grow.
The eight local authorities collaborate on strategic issues through the Clyde Valley Community Planning Partnership, which has as its vision a city region ideally positioned to meet the challenges of the next 20 years, becoming more outward-looking and better connected to European and global markets.
The characteristics of the City Region would include a strong growing core in Glasgow, but able to exploit growth opportunities across the region, reducing economic inequality, and a highly skilled and entrepreneurial workforce able to engage fully with the labour market.
A key aim is for the City Region to be seen as one of Europe's leading destinations of choice for residents, businesses, visitors and investors. In addition, the local authorities have been developing a more strategic approach to infrastructure planning and investment and have been working on the Clyde Valley Infrastructure Fund, which is at the heart of this City Deal.
Economic growth is expected to create an additional £20.7billion in tax revenue for the UK over the 20 year life of the fund.