Torfaen To Vote On Capital City Region Deal

Torfaen councillors will be asked to formally approve the establishment of a Regional Cabinet comprising of the leaders from the 10 local authorities in the Cardiff Capital Region (CCR) at a meeting next week. ‌​‌​‌​​​‍‌​‌​​‌‌‌‍‌​‌‌​​‌​‍‌​‌‌‌​‌‌‍‌​‌‌‌‌​​

This major milestone follows the signing of an agreement between the ten local authorities, the UK and Welsh Governments in March 2016. ‌​‌​‌​​​‍‌​‌​​‌‌‌‍‌​‌‌​​‌​‍‌​‌‌‌​‌‌‍‌​‌‌‌‌​​

The Regional Cabinet remains in shadow status until all 10 local authorities approve their commitment. It is anticipated each authority will have agreed to these commitments by February 9, 2017 which will enable the Regional Cabinet to come out of its shadow status from March 1, 2017. ‌​‌​‌​​​‍‌​‌​​‌‌‌‍‌​‌‌​​‌​‍‌​‌‌‌​‌‌‍‌​‌‌‌‌​​

The Cardiff Capital Region City Deal is a partnership between the 10 local authorities in South East Wales, UK Government and Welsh Government to invest £1.2billion in the economy of the Cardiff Capital Region over a 20 year period. The key aim of the fund is to create 25,000 new jobs by 2036 and lever £4billion of private sector investment. ‌​‌​‌​​​‍‌​‌​​‌‌‌‍‌​‌‌​​‌​‍‌​‌‌‌​‌‌‍‌​‌‌‌‌​​

Local Government’s contribution to the investment pot is £120million of which Torfaen will make a 6.1 per cent contribution based on the proportion of the regional population which will mean a £600,000 investment over the first five years. ‌​‌​‌​​​‍‌​‌​​‌‌‌‍‌​‌‌​​‌​‍‌​‌‌‌​‌‌‍‌​‌‌‌‌​​

The Leader of Torfaen Council, councillor Anthony Hunt, said: “The report for council is an important milestone in the City Deal process. All ten authorities have worked extremely hard to move the City Deal to this position, but support from councillors next week is critical if we are going to achieve this significant economic investment for the region.” ‌​‌​‌​​​‍‌​‌​​‌‌‌‍‌​‌‌​​‌​‍‌​‌‌‌​‌‌‍‌​‌‌‌‌​​

The £1.2billion investment fund will be split between £734m for the creation of a South East Wales Metro transport scheme which will be overseen by Welsh Government and a £495million investment to improve business growth, innovation, digital connectivity, skills, housing to raise the prosperity of the CCR which will be overseen by the new regional cabinet. ‌​‌​‌​​​‍‌​‌​​‌‌‌‍‌​‌‌​​‌​‍‌​‌‌‌​‌‌‍‌​‌‌‌‌​​

The ten local authorities are: Blaenau Gwent, Bridgend, Caerphilly, Cardiff, Merthyr, Monmouthshire, Newport, Rhondda Cynon Taf, Torfaen, Vale of Glamorgan. ‌​‌​‌​​​‍‌​‌​​‌‌‌‍‌​‌‌​​‌​‍‌​‌‌‌​‌‌‍‌​‌‌‌‌​​