A 拢1.2 billion Cardiff Capital Region City Deal that could transform the economy of south east Wales has been formally ratified today (March 1, 2017) during a special ceremony held on St David鈥檚 Day.
The Cardiff City Deal will unlock significant economic growth across the Cardiff Capital Region (CCR), which includes the ten local authorities of Cardiff, The Vale of Glamorgan, Rhondda Cynon Taf, Merthyr Tydfil, Caerphilly, Monmouthshire, Bridgend, Blaenau Gwent, Torfaen and Newport.
The aims of the CCR City Deal are to create jobs and boost economic prosperity by improving productivity, tackle worklessness, build on foundations of innovation, invest in physical and digital infrastructure, provide support for business, and ensure that any economic benefits generated as a result are felt across the region.
The leaders of the ten local authorities within the CCR signed the City Deal document in a ceremony at Cardiff Airport, following universal support from all ten councils for the programme.
The City Deal includes funding of 拢734m for the South Wales Metro, of which over 拢500 million is provided by the Welsh Government and 拢125m from the UK Government .
The UK Government has provided a 拢375m contribution, and the ten local authorities have agreed a commitment to borrow a combined total of 拢120million as part of the Wider Investment Fund.
Today鈥檚 signing means the Regional Cabinet of the ten authority leaders has come out of Shadow, and the City Deal will enter into a transition phase.
The Cardiff Capital Region Transition Plan will detail key activity to be undertaken, including establishing a Regional Office to drive the delivery of the Regional Cabinet鈥檚 work programme in anticipation of receiving proposals. This includes the creation of a bespoke impact assessment model for those proposals.
The transition phase will also see the creation and development of three advisory bodies to the Regional Cabinet - the CCR Economic Growth Partnership, a region-wide business representation organisation and an Employment and Skills Board, and one delivery body, the Regional Transport Authority.
First Minister of Wales, Carwyn Jones said:
鈥淚鈥檓 delighted that the landmark 拢1.2bn Cardiff Capital Region City Deal has been formally ratified.
鈥淭he Welsh Government has worked closely with the ten local authorities and the UK Government to negotiate the city deal, which is the first in Wales. The Welsh Government鈥檚 contribution of over 拢500m in funding for the Metro was instrumental in securing the deal. The Metro will be key to delivering our plans to improve transport connectivity and economic prosperity in the region.
鈥淚 am pleased that the city region has now reached the stage where it can begin the work of delivering projects that will make a real difference to the economy of the region, and ultimately, to people鈥檚 lives.鈥�
成人大片lor Andrew Morgan, chair of the CCR Regional Cabinet, and Leader of Rhondda Cynon Taf County Borough 成人大片, said:
鈥淭oday is an historic day for the Cardiff Capital Region.
鈥淟eaders and officers have worked extremely hard over the past 16 months to get the City Deal to this position, particularly in terms of reaching agreement on the governance and accountability of the Regional Cabinet.
鈥淲orking with stakeholders, and in particular business, we will bring about an economic and social step-change in the Cardiff Capital Region, through improved transport, supporting innovation, an improved digital network, developing skills, supporting enterprise and business growth, and through housing development and regeneration.
鈥淥ur impact assessment modelling will be very important because it will be about more than GVA uplift. We will be looking for tangible social and community improvements as well.鈥�