Exciting £2.5 Billion deals for the Welsh Economy
A £1.2 billion Cardiff Capital Region City Deal that could transform the economy of south east Wales was formally ratified on March 1, 2017 during a special ceremony held on St David’s 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 Taff, 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 £734m for the South Wales Metro, of which over £500m is provided by the Welsh Government and £125m from the UK Government.
The UK Government has provided a £375m contribution, and the ten local authorities have agreed a commitment to borrow a combined total of £120m as part of the Wider Investment Fund.
The 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’s 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 organization, and an Employment and Skills Board, and one delivery body, the Regional Transport Authority.
For more information visit cardiffcapitalregioncitydeal.wales/
Swansea Bay City Deal
The City Deal is the biggest investment for South West Wales in a generation worth more than £1.3bn. The investment package aims to transform the economic landscape of the area with high-spec digital infrastructure and world-class facilities in the fields of health and life science innovation, energy and smart manufacturing.
The Swansea Bay City Region includes the local authority areas of Carmarthenshire, Swansea, Pembrokeshire and Neath Port Talbot, joined by Abertawe Bro Morgannwg and Hywel Dda University Health Boards, Swansea University and the University of Wales Trinity St David’s, and private sector partners. The deal will fund projects over 15 years. Eleven major projects are planned across the region in the fields of energy, smart manufacturing, innovation and life science.
£1.3bn over 15 years the proposed funding consists of:
£241m of capital split between the UK and Welsh governments
£360m of other public sector funding – through local authority borrowing powers
£673m of private sector funding
It is based around four strands:
Internet of economic acceleration
To create a fully connected region and be at the forefront of digital innovation.
Internet of energy
The vision is to place the region at the forefront of energy innovation and establish the region as a globally significant player in the production and storage of energy. To create jobs and investment whilst addressing challenges such as fuel poverty and energy security for current and future generations, and to digitally connect the region’s energy assets to create a test bed for the demonstration of ‘Future Energy Systems’.
Internet of life sciences and wellbeing
The vision is to place the region at the forefront of life science innovation and to be recognised as a destination of choice for global investment and enterprise in the field of life sciences and well-being. Creating an enhanced digital infrastructure to accelerate development in the area of life sciences.
Internet of smart manufacturing
Placing the region at the forefront of smart manufacturing and to support businesses to harness the opportunities associated with the digital manufacturing revolution. Smart manufacturing is using data and technology to react immediately to changes in market or industry demands. Increasing Smart Manufacturing will help attract significant investment, drive economic growth and boost local regeneration through direct job creation and employment in vibrant innovation clusters.
For more information visit www.swansea.gov.uk/article/24040/City-Deal-bid-for-Swansea-Bay-City-Region