City Deal – Next Steps Approved By Newport City Council
Newport City Council has today agreed to be part of the City Deal programme, and back the scheme which will see £1.2billion invested in the regional economy.
The City Deal will help boost economic growth in ten local authority areas, including Newport, 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 for the programme of works through a Cardiff Capital Region Cabinet. Through this, the ten local authority leaders are to join up decision making, pool resources, and partner with businesses.
Further to signing the Heads of Terms Agreement between the councils involved in the Cardiff Capital Region (CCR), each of the local authorities must now formally approve a Regional Cabinet comprising of the relevant local authority leaders. The Regional Cabinet currently in a shadow status, which must also to be approved by the Welsh and UK Governments, will oversee the region’s economic growth and delivery of the proposals under the City Deal.
The City Deal comprises an investment programme of £1.2billion into the regional economy, including £734m for the creation of a South East Wales Metro transport scheme. Each authority must approve a commitment by the ten authorities to borrow a combined total of £120million over the lifetime of the 20 year project.
At today’s full Council meeting, Leader of Newport City Council, Debbie Wilcox, spoke of the importance of and opportunities that this deal brings for Newport and the wider area:
“Central to the success of a City Deal is the close collaboration and partnership between the ten local authorities. I am very pleased that today my colleagues across all political parties have shown their support for what promises to be a generational game changer for Newport and the whole region.
“We can now plan ahead with two decades of economic investment certainty in our sights. I look forward to closely working with fellow Leaders in making the deal a success and being part of a team that will deliver innovation, investment and development.”
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