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A new world class exhibition centre will be built in Adam Smith鈥檚 hometown using Coastal Communities Funding, Secretary of State, Eric Pickles announced today (24 February 2014).

The announcement came during a visit to the in Kirkcaldy. Mr Pickles, on his way to attend a Cabinet meeting of Her Majesty鈥檚 Government in Aberdeen, saw first-hand the new exhibition centre site that aims to attract visitors from all over the world. The new centre will be housed in a renovated listed historic building.

Mr Pickles said he was delighted the UK government could support the project and the foundation鈥檚 work in using Adam Smith鈥檚 legacy as a catalyst for regenerating Kirkcaldy and boosting the local economy.

As part of our long term economic plan, the UK government is backing businesses, local areas and industries to prosper, and build a stronger economy across the country. The multi-million pound Coastal Communities Fund is so far helping 130 seaside towns tap into new business opportunities that will create over 6,000 jobs, more than 500 apprenticeships and boost skills that will benefit the whole community. It will also attract 拢56 million in additional funding from partners.

The exhibition centre is the first project to be announced as part of round 2 of the Coastal Communities Fund. It is the nineteenth project in Scotland to receive funding, and brings the total of Scottish coastal projects supported by the Coastal Communities Fund to over 拢4 million. Scottish seaside towns can expect to receive up to 拢9 million of additional funding up to 2014 to 2015.

Communities Secretary Eric Pickles said:

Adam Smith was one of Kirkcaldy鈥檚 most famous sons and was rightly given pride of place on the United Kingdom鈥檚 拢20 note. So it鈥檚 great the Global Foundation is making his legacy a catalyst for regenerating Kirkcaldy and the local economy.

The UK government is backing businesses, local areas and industries to prosper, and build a stronger economy across the country. I am delighted to announce over a quarter of million pounds for the new exhibition centre which will help Kirkcaldy tap into new business opportunities that will create local jobs, boost the local economy and develop skills that will benefit the whole community.

Marilyn Livingstone, Chief Executive Officer for the Adam Smith Global Foundation said:

I am delighted the Foundation and Fife Historic Building鈥檚 Trust have been successful in their bid to the Coastal Communities Fund. This funding will allow completion of this amazing project which will support the legacy of Adam Smith in his birthplace of Kirkcaldy as well as kick starting Kirkcaldy鈥檚 ambition to regenerate its historic Merchant鈥檚 Quarter. This is the beginning of a much awaited journey and has allowed us to draw down investment to the town of over 拢750 million.

Michael Levack, Chairman of the Adam Smith Global Foundation said:

We could not have achieved this without the help and support of our partners. I would like to take this opportunity to thank the Secretary of State, Kirkcaldy鈥檚 Ambition Partnership Group, Fife Historic Buildings Trust, Fife Council, Fife Environment Trust and Historic Scotland for their contribution. I would also like to thank the many other individuals and organisations who have made this announcement today possible.

Further information

1. The UK government will provide 拢292,000 in funding for the new centre from the Coastal Communities Fund which will receive wider co-funding from partners including from Fife Council, Historic Scotland and Fife Environment Trust for the over 拢700,000 project.
2. The new visitor centre will also support 3 jobs and create at least 8 work placements offering certificated training in the tourism, retail and heritage sectors delivered in association with Fife College.
3. The UK-wide Coastal Communities Fund was created by the government in 2011 to provide grants on a bid basis to support the economic development of coastal communities.
4. The fund is equal to 50% of the revenues generated by the Crown Estate鈥檚 marine assets. Based on the Crown Estate鈥檚 Marine revenues in 2010/12 (拢58.2million) the overall fund is worth 拢29.1 million beginning in 2014. Funds can be used to support both capital and revenue projects and communities are encouraged to match funds with other pots of money.
5. The a charitable trust, was launched in 2012 in Adam Smith鈥檚 birth town of Kirkcaldy which aims to deliver initiatives to commemorate his work on an international scale, as well as raising awareness of the role that Kirkcaldy played in his life. The foundation also seek to prevent and relieve poverty through projects which will increase employability for young people, and act as a catalyst for regeneration.
6. was a British moral philosopher and economist, born in Kirkcaldy and best known for his work 鈥楢n Inquiry into the Nature and Causes of the Wealth of Nations鈥� (1776), one of the most influential books ever written, and leading him to be cited as the founding father of modern economics.