Lord Heseltine examines case for £1.3bn City Deal
Former Cabinet minister Lord Heseltine has been examining the business case behind the £1.3bn Swansea Bay City Region Deal.
Lord Heseltine, who was born in Swansea, was a key figure in the regeneration of Liverpool in the 1980s and is an adviser on growth to the Department for Communities and Local Government.
Last year he was asked to put forward proposals to develop Teeside and attract investment following the closure of the Redcar steel plant. He is also co-chairing a national initiative to revitalise housing estates.
The meeting yesterday was hosted by Welsh Secretary Alun Cairns. Also attending were the leaders of Swansea, Pembrokeshire and Carmarthenshire councils, and Simon Gibson, chief executive of investment fund Wesley Clover and an expert in business management from Swansea University.
The two-hour session, hosted at Gwydyr House in Whitehall, was tasked with examining and challenge the business assumptions behind the Swansea City Deal.
It came the day after the Welsh Secretary met leaders of a dozen local businesses in Swansea to discuss how the City Deal can support the growth and job creation aims of local enterprises across the region, accompanied by local MP Byron Davies.
Speaking before the meeting, Mr Cairns said: “The Swansea Bay City Region Deal has always been an exciting project with potential to spark major investment across the region.
“I was in Swansea yesterday meeting business people and seeing how they plan to support local authorities in maximising potential investment that will act as an enabler for job creation and economic growth.
“With discussions at an advanced stage, today’s challenge session is about putting the business case for the City Deal under the microscope so we are clear about expectations.
“It is hugely helpful to have an expert in regeneration projects like Lord Heseltine to help with the task. He has years of experience in overseeing projects that really breathe new life into communities, and he is well practiced in seeing the vision turn into reality. I am confident today’s meeting will allow us to go forward with a robust and stress-tested business plan for the Swansea City Deal, benefitting communities in Swansea and across west Wales.”
The £1.3bn City Deal for boosting the economy of the Swansea Bay City Region is expected to be agreed in principle on March 1. It will fund projects covering the local authorities of Neath Port Talbot, Swansea, Carmarthenshire and Pembrokeshire over 15 years.