In the press: £1.2bn Cardiff Capital Region deal signed

A £1.2bn Cardiff Capital Region deal has been signed to improve public transport and bring economic growth over the next 20 years. It includes £734m for the south Wales Metro, bringing better rail and bus travel in the capital and valleys. It also involves 10 local councils and aims to bring 25,000 new jobs and an extra £4bn in private sector investment.

First Minister Carwyn Jones said it was a "vote of confidence in the region".

The announcement was made on the eve of Chancellor George Osborne's Budget and a year after he promised talks to set up the deal. He called the deal "fantastic" and said it would hand "real power to local decision makers that are best placed to ensure the Welsh economy is fit for the future".

City deals are a way of different levels of government financing big infrastructure projects and regeneration over long periods of time. The one agreed for the Cardiff region will run over 20 years - not the typical 30 years - which those behind it hope will mean funding will be delivered faster.

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Cardiff Capital Region city deal

£1.2bn over 20 years

  • £734m South Wales Metro
  • £495m Other projects including Innovation District and software academy
  • £50m Extra UK Government cash for Catapult compound semi-conductor project

WHAT THE CITY DEAL INVOLVES

  • The South Wales Metro - to include the £500m Valleys electrification programme - longer trains, faster buses and some light rail
  • £495m for other projects including an "innovation district" and investing in a software academy, data innovation, a cyber security academy and new approaches to public service delivery.
  • Better wi-fi on public transport
  • Increasing house building
  • Not included in the £1.2bn pot is confirmation of an extra £50m from the UK Government to help develop the compound semiconductor centre - the technology behind smartphones - being set up by Cardiff University and IQE

HOW THE DEAL STACKS UP

  • Welsh Government £580m within the first seven years
  • 10 councils £120m
  • The Treasury £580m

Article published by the BBC (http://www.bbc.co.uk/news/uk-wales-35803351