Business Category: Business Support Services
The Cardiff Capital Region (CCR) City Deal is a programme agreed in 2016 between the UK Government, the Welsh Government and the ten local authorities in South East Wales to bring about significant economic growth in the region through investment, up-skilling, and improved physical and digital connectivity.
With an investment of £1.2 billion, the programme aims to deliver up to 25,000 new jobs and leverage an additional £4 billion of private sector investment.
Both the UK and Welsh Government are contributing £500 million to the Capital City Region Investment Fund respectively, while the ten local authorities will contribute a minimum of £120 million over the 20-year duration of the Fund. £734m of the investment will fund the proposed Metro network for South East Wales.
The City Deal is building on the region’s sectoral strengths, its current skills base and three successful universities, creating a regional way of working which has never been seen before in South East Wales, developing a region where people want to live and work.
With two cities (Cardiff and Newport) at its core, the region has seen significant regeneration and investment over recent decades. Today, it accounts for approximately 50% of the total economic output of the Welsh economy and is home to a range of competitive business clusters.
However, despite these strengths, numerous challenges remain. Gross Value Added, which is a measure of goods and services produced in an area, is one of the lowest in the whole of the UK. There are also connectivity issues across the region, which make it more difficult for people in Valleys communities to access economic opportunities.
In this context, the CCR partners’ transformative approach provides an opportunity to continue tackling the area’s barriers to economic growth, by developing stronger local leadership; improving transport connectivity; increasing skill levels still further; supporting people into work; delivering an increase in house building; and giving businesses the support they need to innovate and grow.
In order to efficiently deliver this vision, the ten local authorities have set up a joint committee, known as the CCR Cabinet. The Cabinet, which comprises the Leaders of the ten participating local authorities, is the ultimate decision-making body for the City Deal.
The CCR Cabinet is supported in its work by a number of advisory bodies:
- The CCR Transport Authority
- The CCR Skills Partnership
- The CCR Economic Growth Partnership
- The CCR Business Council
The CCR local authorities are Blaenau Gwent; Bridgend; Caerphilly; Cardiff; Merthyr Tydfil; Monmouthshire; Newport; Rhondda Cynon Taf; Torfaen; and Vale of Glamorgan.