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Agreement on Cardiff Capital Region City Deal business plan

Words: Roger Milne
Cardiff / iStock_000012921069

A five-year strategic business plan to leverage maximum economic and social benefits from the £1.2 billion Cardiff Capital Region (CCR) City Deal fund has been formally agreed by the entity’s cabinet.

The cabinet is made up of the political leaders of the local authorities involved.

The economic objectives of the city deal are to create 25,000 new jobs and leverage £4 billion in private sector investment.

The business plan focuses on skills and employment, innovation, connecting the region, regeneration and infrastructure.

The strategy also sets out how the city deal’s £495 million ‘Wider Investment Fund’ will be used over the next five years to implement the key objectives of the city deal.

A housing investment fund is planned to support housebuilding, ranging from larger builders and developers on stalled housing sites on former industrial sites, through to small builders, community builders, custom builders and regeneration specialists, on small sites across the region.

Proposals for a tech venture fund to support firms across the CCR to scale up, with a potential investment pot of £100 million, are also involved.

The city deal aims to benefit to the whole of the CCR region, which includes the 10 local authorities of Blaenau Gwent, Bridgend, Caerphilly, Cardiff, Merthyr Tydfil, Monmouthshire, Newport, Rhondda Cynon Taff, Torfaen, and Vale of Glamorgan.

Last month the cabinet agreed to commit £40 million to support in principle the £180 million Metro Central Development, a project that will deliver a new central transport interchange at the heart of Cardiff’s city centre Core Employment Zone.

Andrew Morgan, chair of the CCR regional cabinet and leader of Rhondda Cynon Taff County Borough Council, said: “The city deal is a unique programme of collaborative working which will enable economic change, improved digital and physical connectivity, improved skills and educational opportunities, and regeneration across the region.

“By attracting new investment and growing more successful businesses, by improving our connectivity, by developing our skills and education, we will restore the capital region to its historical role as the ‘engine room’ of the Welsh economy.”

The business plan can be found on the Cardiff Capital Region City Deal website (pdf).

Image credit | iStock