Over its lifetime, local partners expect the City Deal to deliver as many as 25,000 new jobs, and £4bn of private sector investment across the region.
The ten leaders of the local authorities in the CCR, the Secretary of State for Wales Stephen Crabb, the Chief Secretary to the Treasury, Greg Hands, and First Minister Carwyn Jones signed the City Deal document in a ceremony at Admiral’s head office in Cardiff.
The City Deal will help boost economic growth by improving transport links, increasing skills, helping people into work and giving businesses the support they need to grow.
It will also establish strong governance across the region through a Cardiff Capital Region Cabinet,. Through this, the ten local authority leaders will join up decision making, pool resources, and partner with business.
Both the UK and Welsh Government are contributing £500m to the CCR Investment Fund respectively. The ten local authorities in the CCR will contribute a minimum of £120m over the duration of the Fund. Decisions on the prioritisation of the proposed schemes other than the Metro will be taken by a CCR Cabinet, in consultation with business leaders and education professionals.
The ten local authorities have committed to adopt an assurance framework for the Investment Fund, which will be agreed by the UK and Welsh Governments, to ensure good value for money and that proposed projects are underpinned by a robust business case.
Welcoming the City Deal, Chancellor of the Exchequer, George Osborne said:
“I want to create a devolution revolution around the UK and empower local leaders in Wales, so it’s fantastic to announce a historic City deal in the Cardiff City Region worth over £1.2bn.
“This landmark deal is expected to create up to 25,000 jobs and leverage £4bn of private sector investment by handing real power to local decision makers that are best placed to ensure the welsh economy is fit for the future.”