The UK Government has approved the next five years of funding for the Cardiff Capital Region City Deal, following a successful Gateway Review that highlighted “a number of significant successes across the Deal to date”.
This landmark decision unlocks a 5-year tranche of UK Government investment funding, including £22 million being made available annually for the CCR Wider Investment Fund from 2021 to 2026.
The Gateway Review commended “the region’s focus on delivering economic growth across the Cardiff Capital Region” with particular praise for “the positive progress made in delivering the CSC Foundry project”, “the strong partnership working that is evident between the ten local authorities and a range of external partners” and “a strong pipeline of projects”.
UK Government Minister for Wales David TC Davies said;
“The City and Growth Deal programme is a series of projects and programmes funded by the UK Government to create jobs and raise living standards across Wales. We are making fantastic progress and with major projects already well underway this release of funds from the UK Government will continue the momentum in the Cardiff Capital Region.
“Growth Deals, which cover all areas of Wales, will help us build back better and stronger from the Covid-19 pandemic, creating and sustaining jobs in every part of the country and revitalising local economies.”
Cllr. Anthony Hunt, Leader Torfaen County Borough Council and Chair, Cardiff Capital Region Cabinet, said;
“This watershed moment is testimony to the shared vision and collective action of all ten local authorities who have come together to make the Cardiff Capital Region such a force for good. The effects of the pandemic will long outlive the health crisis and we now have a moment in time to work with the UK and Welsh Government in pursuing our clear strategy for being the catalyst of a sustainable prosperity that every community deserves across South East Wales. We are also looking forward to working with the newly appointed administration in Wales and welcome the opportunity to forge a positive working relationship with our new minister for the Economy, Vaughan Gething”
Reflected on continuing a journey that began in 2017, Kellie Beirne, Director, Cardiff Capital Region City Deal, said;
“We put in place a plan that allowed programmes to flex, adapt and deliver – understanding that dynamics change and challenges constantly emerge. The CCR team is now delivering outcomes with real impact, helping the region become a key attractor for investment and gateway for the regional economy. The task that lies ahead is to build our institutional capability to operate as a capital city region – and we are working with both the Welsh Government and UK Government to achieve this. As the Gateway Review communication to us stated: ‘confirmation of the release of funding gives you the certainty you need to continue investing in your programme …. as the Cardiff Capital Region City Deal moves into its next phase.’ And that is what we now intend to do.”
Chris Meadows, Director, CSconnected Ltd, said;
“Thanks in large part to the vision, support and commitment of the Cardiff Capital Region City Deal, the CSconnected Compound Semiconductor Community in South Wales has clearly established the region as a key global player in the research, development, prototyping and manufacturing of advanced enabling technologies. The region is firmly on the map in terms of driving next generation technologies in areas as diverse as electrification to healthcare and from 5G connectivity to robotics – playing a key role in technologies that will ensure the UK and other nations reach net-zero targets over the coming years. The CSconnected cluster looks forward to continuing to work in partnership with the City Deal in delivering growth in the semiconductor sector in Wales and the UK.”
In summing up, Frank Holmes, Chair of the CCR Economic Growth Partnership, said;
“It’s heartening to see the UK Government acknowledge the work we have done to date and agree with the broad strategy we have put in place. Now is the time to push on with the economic evolution of the region, to continue to drive our evergreen investments – and to realise the huge potential we have in South East Wales, to build world-class commercial eco-systems, resilient supply chains and sustainable prosperity. ”