The Ayrshire Growth Deal is to be boosted by cash over a 10 year period, rather than the initial 15, Chancellor Rishi Sunak, is set to confirm at Wednesday's budget announcement.

He will confirm that £3.4million per year will be given for the next ten years of the project.

It's not new money however, the funds were initially earmarked for the growth deal across a fifteen year period, the Chancellor will announce a 'reprofiling' of the deal so that it is implemented across ten years rather than fifteen.

The Chancellor of the Exchequer, Rishi Sunak, commenting ahead of the announcement, said:  “It’s vital that as we deliver our Plan for Jobs and level-up across the whole UK we build back better in a sustainable way.    

“The measures set out in tomorrow’s Budget will boost Scotland’s transformation into a green energy hub, deliver on our commitment to Net Zero, and deliver a boost that cities and industry need.”    

The Ayrshire Growth Deal is a £251million programme designed to boost economic activity in the area by addressing issues of innovation and productivity.

The deal aims to tackle inequality by growing local talent and providing opportunities and routes into employment for people across the region.

It has a focus on regeneration, infrastructure and aerospace technology and is expected to leverage private sector investment of more than £300 million, with the potential of creating up to 7,000 new jobs.   

The Deal is delivered collaboratively with the Scottish Government through regional partnerships led by local authorities, all three Ayrshire council leaders signed off on the deal in November last year along with Cabinet Secretary for Transport, Infrastructure and Connectivity, Michael Matheson MSP, and Secretary of State for Scotland, Alister Jack MP.

READ MORE: New era ready as the Ayrshire Growth Deal is signed at last by council leaders

The UK Government is committed to paying £103million towards the deal, with the Scottish Government paying the same and the Ayrshire councils contributing a further £45.5 million between them.

A previous version of this story said that the money was extra, we are happy to clarify that it is not.