THE Cardiff Capital Region (CCR) Cabinet has welcomed the extended commitment given by the UK and Welsh Governments to the implementation of the £1.2billion CCR City Deal.
The CCR leaders attended a Joint Ministerial meeting with Welsh Secretary Alun Cairns, Cabinet Secretary for Economy and Transport Ken Skates, and Cabinet Secretary for Finance Mark Drakeford, in Cardiff Bay.
The Ministers gave their unanimous support to the progress made to date by the ten local authority leaders who make up the CCR Cabinet, and extended their commitment and support to the next phase of the City Deal.
The meeting also received an update on the progress of the City Deal to date. These include:
- Agreement on a five-year strategic plan
- £37.9million investment to support the development of a compound semiconductor industry cluster in south-east Wales.
The project is expected to leverage up to £375 million of private sector investment over the next five years, and the creation of up to 2,000 high value, high-tech jobs, with the potential for hundreds more in the wider supply chain and cluster development.
- In-principle support of the £180million re-development of Cardiff’s main transport hub with £40m of City Deal funding.
The proposed Metro Central project will deliver a new Central Transport Interchange at the heart of Cardiff’s city centre Core Employment Zone.
- Creation of supporting CCR boards: Economic Growth Partnership, Business Council, Skills Partnership, and the Regional Transport Authority.
- Creation of three development programmes supporting key strategic themes of housing, skills, and digital connectivity within the CCR.
The funding of both the compound semiconductor cluster and the proposed Metro Central project were generated from the Cardiff Capital Region City Deal’s Wider Investment Fund.
Councillor Andrew Morgan, Chair of the CCR Cabinet and Leader of Rhondda Cynon Taf County Borough Council, said:
“The Cabinet was extremely pleased with the discussions at the Joint Ministerial meeting today, and welcomes the commitment from both the UK and Welsh Governments to work together and support the Cabinet as we implement our five-year strategic plan.
“We have made significant progress in a short space of time, making important decisions which will strengthen the Cardiff Capital Region.
“One of our key strengths is the way the Leaders, and the UK and Welsh Government have worked so well together, and the Cabinet looks forward to future collaboration in the delivery of the City Deal plan.”
The Cardiff City Deal is a £1.2 billion deal to unlock significant economic growth across the Cardiff Capital Region (CCR) and includes £738million for the design, deliver and implementation of the South Wales Metro.
The specific aims of the CCR City Deal can be summarised to: improve productivity; tackle worklessness; build on foundations of innovation; invest in physical and digital infrastructure; provide support for business; and ensure that any economic benefits are felt across the region.