The Scottish Government has approved plans to release hundreds of millions of pounds of private investment to help boost business across Falkirk and Grangemouth.

Falkirk Council's £67m Tax Incremental Financing (TIF) scheme is expected to lever in £413m in private investment, and create up to 6,000 jobs as well as hundreds of apprenticeships.

Under TIF, councils fund infrastructure by borrowing against future business rate income that should be generated by the resulting regeneration and development.

The 25-year plan unveiled on Monday (5 August), and which will be carried out over three phases in Falkirk and Grangemouth will include improving the M9 motorway links to established industrial areas and unlocking 400,000 sq m of business space.

Within the bid, funding is earmarked to contribute to major flood defences to protect the port and refinery at Grangemouth.

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The Scottish Futures Trust, established by the Scottish Government to deliver value for money across the public sector infrastructure, has spearheaded the developed of the TIF model for use in Scotland.

Discussing the proposals, Deputy First Minister Nicola Sturgeon said: "We will use every lever at our disposal, within our devolved powers, to boost capital spending and through innovative financing schemes such as TIF, support jobs, apprenticeships and help the Scottish economy.

"The Falkirk TIF will allow dozens of major construction developments across the area to unlock significant economic development and regeneration.

"It will allow Falkirk and Grangemouth to maintain and grow a number of industries and sectors that are important nationally such as petrochemicals, manufacturing and port activity against the backdrop of highly competitive global industries.

"Scotland needs independence so the Scottish Parliament can have full control over taxation, borrowing and spending to determine investment priorities according to the needs of the Scottish economy and public services, to promote growth, employment and opportunities for all to flourish."

Councillor Craig Martin, Leader of Falkirk Council added: "This investment signals a new chapter for Falkirk as it gears up to play a significant role in Scotland's economic growth, export trade and jobs creation. Key infrastructure development will unlock more opportunities in our key sectors of chemicals, manufacturing and logistics, ensuring these high value, job-creating industries can thrive to benefit the whole of Scotland."

(JP/IT)