Cardiff Capital Region to gain access to £27.8bn UK National Wealth Fund
Nation.Cymru staff
Major infrastructure and regeneration projects across south-east Wales could gain access to investment expertise and capital under a new partnership with the UK’s £27.8bn National Wealth Fund.
Cardiff Capital Region has been selected for the next phase of the Fund’s regional partnerships programme, alongside South Yorkshire, Liverpool City Region and the North East of England.
The agreement is intended to help the region develop projects capable of attracting public and private investment, with a focus on infrastructure that can support economic growth and create jobs.
The National Wealth Fund, which is wholly owned by HM Treasury but operates independently of government, has £27.8bn available to invest in clean energy and growth industries.
Under its Regional Project Accelerator programme, specialists from the Fund will work with Cardiff Capital Region to identify and develop potential investments and help projects reach the stage where they can secure finance.
No individual projects in south-east Wales have yet been announced as part of the partnership.
Similar agreements were established last October with Greater Manchester, Glasgow City Region, the West Midlands and West Yorkshire.
Projects being supported through those partnerships include the proposed Clyde Metro in Glasgow, the Sports Quarter in the West Midlands, zero-emission buses in Greater Manchester and a mass transit scheme in West Yorkshire.
Cardiff Capital Region covers the ten local authority areas of south-east Wales and has previously used public investment to support transport, regeneration, housing, innovation and business projects.
Cllr Mary Ann Brocklesby, chair of Cardiff Capital Region, said: “This strategic partnership with the National Wealth Fund represents a significant opportunity for Cardiff Capital Region to accelerate the development of transformational projects that will drive sustainable economic growth across our region and to the benefit of the nation.
“By combining our deep understanding of local opportunities with the Fund’s investment expertise and capital, we can strengthen our pipeline of investable projects, unlock private sector investment and deliver the infrastructure needed to support thriving communities, better connectivity and high-quality jobs.”
‘Tailored support’
National Wealth Fund chief executive Oliver Holbourn said growing regional economies was essential to the UK’s future.
He said the expansion would provide “tailored support based on local needs and opportunities, creating jobs and spreading the lasting benefits of investment to the local communities they serve”.
Secretary of State for Wales Stephen Kinnock said: “The new partnership between the UK Government’s National Wealth Fund and Cardiff Capital Region will help boost the Welsh economy by driving investment into infrastructure, regeneration and the jobs of the future.”
The Fund said it would consider extending the partnership programme to further regions in the future.
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By-passing the Senedd, possibly a model that the UK intends to extend.
Welsh Gov could offer match funding to be in the room.
With what spare capital funding?
Capital spending is the only real economic development powers Welsh Gov has. If you’re saying they don’t even have that why is everyone blaming them for the state of the economy in Wales.
They didn’t allocate their fair share of HS2 funding to Wales. They didn’t devolve crown estates to Wales. They reneged on a promise to revisit the Barnett formula.
Secretary of State for Wales Stephen Kinnock said: “The new partnership between the UK Government’s National Wealth Fund and Cardiff Capital Region will help boost the Welsh economy by driving investment into infrastructure, regeneration and the jobs of the future.”
And it will. For Cardiff and the South East yet again. Nothing for the rest of Wales. And as Ian says, bypassing the Senedd. As a Plaid member i’ll be expecting Plaid to come out with a statement pointing out that THEY are the government of Wales and they should be the ones prioritising infrastructure investment across Wales, NOT Westminster.
This will drive an even bigger wedge between Cardiff PLC and the rest of Cymru…
Oh great, that awful traitor kinnock is involved.
What could possibly go wrong?
I agree. This stinks.
So if the CCR gets, say, £800m then on an average basis each authority would receive £80m? Wow, that should fill a couple of hundred potholes.