City region economic strategy report gets approval
THE leaders of the 10 local authorities comprising the Cardiff Capital Region have unanimously endorsed the independent report on the future economic strategy for South East Wales.
The Cardiff Capital Region Growth and Competitiveness Commission was tasked with reviewing the city-region economy and providing recommendations for the future development of the south-east Wales economy.
The commission, chaired by international city-region expert Professor Greg Clark, concluded that the Cardiff Capital Region can be more prosperous, more inclusive and more sustainable if it becomes better connected and more interdependent.
To achieve these priorities, the report – published last month – says the Cardiff Capital Region needs a long-term economic strategy to:
Invest in education to employability and productivity.
Foster employment growth across distinct skills and different levels of income. improve
Work together to support public and private investment in infrastructure to integrate the region better and provide more opportunities.
Support economic development across the Cardiff Capital Region, enabling there to be multiple locations of growth.
Develop strategic planning to enable housebuilding and regeneration efforts.
Improve quality of place and the range of institutions investing in improving city and town centres.
Foster emerging sectors of employment and new/young companies.
Further integrate governance structures in the city region to combine efforts, leverage investment and simplify decision-making.
The report also stresses the need to “move… [to] rapid implementation and avoid further reviews”.
The Cardiff Capital Region Shadow Cabinet comprising the 10 local authority leaders has considered the commission’s report, and unanimously accepted the need to develop the recommended regional economic growth strategy with immediate effect.
Councillor Andrew Morgan, chairman of the Cardiff Capital Region City Deal Shadow Joint Cabinet, said: “This report represents one of our commitments in the City Deal document we signed in March last year and will help us in finalising the details of our City Deal arrangements in the coming weeks.
“The Cardiff City Deal is a £1.2bn deal to unlock significant economic growth across the Cardiff Capital Region and the creation of 25,000 jobs.
“It also aims to unlock a further £4bn of private investment in the region, and the recommendations within this report can help us to achieve this aspiration for South East Wales for the benefit of all – now and for future generations.”
Cardiff council leader Phil Bale, who leads the economic development portfolio on behalf of the CCR City Deal, said: “The leaders welcome the commission’s report and work has now begun to include recommendations as areas of work within the Cardiff Capital Region City Deal Implementation Plan, which will be considered by all of the councils concerned in the near future.”