Cardiff Capital Regional City Deal leaders call for UK Government to match £580million already pledged

Cardiff Bay

The ten leaders of the local authorities behind the Cardiff Capital Region (CCR) City Deal confirmed on Tuesday 16th February the bid document is complete.

The document will be presented to UK and Welsh Government Ministers and officials in the coming weeks by a team from the CCR City Deal, and are hopeful that the Chancellor George Osborne will sign off the bid next month (March).

Welsh Government has agreed to contribute £580m to support the establishment of a Cardiff Capital Region Fund, aimed at delivering major strategic transport connectivity projects and Council Leaders are pressing for the UK Government to match with £580m of UK funding.

The Welsh Government contribution will enable Cardiff Capital Region Leaders to deliver a City Deal of a scale that aims to make a real difference to the South East Wales economy.

If match funding is secured from the UK Government, the total CCR City Deal investment would be at least £1.28billion.

The Leaders of Blaenau Gwent, Bridgend, Caerphilly, Cardiff, Merthyr Tydfil, Monmouthshire, Newport, Rhondda Cynon Taf, Torfaen, and the Vale of Glamorgan, believe a City Deal for the Cardiff Capital Region represents a unique opportunity to transform the local economy to improve local productivity, create new jobs and reduce worklessness.

Councillor Andrew Morgan, Leader of Rhondda Cynon Taf County Borough Council, and chair of the Cardiff Capital Region City Deal Leaders Group, applauded the work and collaboration undertaken by the 10 local authority partners behind the bid.

“These local authorities have come together to develop an exciting and innovative £1.28billion City Deal bid, which we strongly believe will bring about transformational improvements in infrastructure, regeneration, connectivity, skills and economic performance in South-East Wales.

“That collaboration has extended to working closely with many key stakeholders, including the Welsh Government, which has agreed to contribute £580million to support the establishment of a Cardiff Capital Region Fund aimed at delivering major strategic transport connectivity projects.

“We are optimistic that the Chancellor will sign off on our bid next month (March) but we today call on the UK Government to match the £580million already pledged.

”We need that money to make the improvements we all want to achieve in the Cardiff Capital Region economy.”

Coun Morgan said if approved by the Chancellor, more detailed work on developing the proposed City Deal projects would begin. That would mean working closely with key stakeholders, and in particular, closer involvement from the business community over the next six months, he said.

The City Deal vision is to reduce the gap of the gross value added economic measure (GVA) between the city region and the UK average, and to improve the balance of opportunity that exists right across the region.

Overall, the deal will be looking to support investment in areas including business and regeneration, innovation, digital and skills, with an investment in infrastructure across South Wales that will improve opportunities for all communities in the region.

This will require identification of key projects across the region that will help to deliver economic growth and be aligned to the themes highlighted above.