Cabinet agrees for Newport to progress with a City Deal
Posted on Monday 8th June 2015
Newport City Council will be working with the Welsh Government and other local authorities that make up the Cardiff Capital City Region to secure a City Deal for the area after the council's cabinet agreed at its meeting earlier today (Monday) to proceed with negotiations.
A City Deal will unlock investment to support economic growth across the region. These deals have already been introduced in cities across the UK with funding provided to improve infrastructure and skills to kick-start growth in jobs and income.
It is anticipated that a City Deal for the Cardiff Capital City Region could release significant new money to support investment in major infrastructure projects and would ensure that Newport makes the most of exciting developments such as the electrification of the south Wales mainline and the natural resources of Severn Estuary.
A City Deal is an agreement where national government provides money for cities or city regions to invest in return for a guarantee of economic growth. The aim is to provide a much needed boost to infrastructure investment to support growth in employment and economic output.
For the initial work to take place it is proposed to create a fund of £500,000 with all 10 authorities contributing. Newport City Council will contribute £50,000 which will come from the council's Invest to Save fund.
All 10 local authorities that are part of the Cardiff Capital City Region will be asking their relevant cabinets for approval on the proposal to negotiate a City Deal. The local authorities will work with the Welsh Government to develop a proposal to present to the UK Government later this year outlining funding and what it would mean for the local economy.