£1.2 billion City Deal: important milestone that will benefit Vale of Glamorgan

City deal

The agreement of a £1.2 billion City Deal for the Cardiff Capital Region was announced yesterday, 15 March 2016.

 The City Deal, which brings together ten local authorities, includes more than £500m of Welsh Government support towards improving transport infrastructure within the region.  The Deal is expected to deliver up to 25,000 new jobs and bring in an additional £4 billion of private sector investment.

Vale Assembly Member and Finance Minister Jane Hutt said:

I am delighted that the Vale of Glamorgan will benefit enormously from the City Deal bringing the Metro, new jobs and opportunities to Barry and the rural Vale.”

As Finance Minister Jane Hutt AM said:

 “This is an important milestone and the culmination of months of detailed negotiations. Working closely with the authorities involved, we’ve managed to secure an additional £425 million to support targeted initiatives in the South East Wales region.  With the local authorities contributing £120 million, the total investment is significant.

“The additional investment by us and UK Government acknowledges the case made by the authorities for how they can drive economic growth in the region.  The Deal signed today will have a positive long term economic impact across the region.

“The authorities asked for the Metro to be a central project in this City Deal and we agreed that it can bring wider economic development.  We were pleased to be able to include it and are committed to working closely with the authorities to deliver it. We are also exploring additional economic levers and financial flexibilities for the authorities, such as allowing the region to retain business rate growth delivered by this transformative Deal.”

 

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