Cymraeg

New £1.2bn regional deal to unlock significant economic growth for Bridgend

07/03/2017 00:00:00

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The £1.2bn Cardiff City Regional (CCR) Deal involving the 10 local authorities of Bridgend, Cardiff, The Vale of Glamorgan, Rhondda Cynon Taff, Merthyr Tydfil, Caerphilly, Monmouthshire, Blaenau Gwent, Torfaen and Newport was formerly ratified on St David’s Day.

Signed at a special ceremony at Cardiff Airport by the 10 local authority leaders, the CCR Deal includes funding of £734m for the South Wales Metro, of which over £500 million is provided by the Welsh Government and £125m from the UK Government.

The UK Government has provided a £375m contribution, and the 10 local authorities have agreed a commitment to borrow a combined total of £120million as part of the Wider Investment Fund.

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 formal signing of the deal now sees the CCR Deal move into its transition phase via the implementation of the Cardiff Capital Region Transition Plan.  This involves the establishment of a Regional Office to drive the delivery of the Regional Cabinet’s work programme, as well as 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

Cllr Andrew Morgan, chair of the CCR Regional Cabinet, and Leader of Rhondda Cynon Taf County Borough Council, said: “Today is an historic day for the Cardiff Capital Region.

“Working with stakeholders, and in particular business, we will bring about an economic and social step-change in the Cardiff Capital Region, through improved transport, supporting innovation, an improved digital network, developing skills, supporting enterprise and business growth, and through housing development and regeneration.”

More information on the CCR Deal can be found at: www.cardiffcapitalregioncitydeal.wales