1,500 jobs boost for Glasgow

The Scottish Government has given final approval to a regeneration scheme for the centre of Scotland’s biggest city.

Glasgow City Council’s Buchanan Quarter project includes improvements to George Square and Upper Dundas Street to be completed before the Commonwealth Games in 2014.

The Royal Concert Hall and Buchanan Street will be upgraded, the Cathedral Street bridge strengthened and access to Queen Street railway station improved.

The £80 million project will be financed using the Tax Incremental Financing scheme and is expected to create almost 1,500 jobs.

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

The Buchanan Quarter, as well as creating jobs, is expected to bring in around £310m in private investment.