Falkirk Council’s £67m Tax Incremental Financing scheme will fund infrastructure improvements to spark the investment boom across the region.

The financing scheme allows councils to fund infrastructure by borrowing against future business rate income that should be generated by the resulting regeneration and development.

The 25-year plan, over three phases across Falkirk and Grangemouth, includes improving M9 motorway links to established industrial areas and unlocking 400,000 square metres of business space.

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.”

Councillor Craig Martin, leader of Falkirk Council said: “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.”