Cardiff Council’s Leader Cllr Rodney Berman (pictured) and Deputy Leader Cllr Neil McEvoy have welcomed the news that the Welsh capital is to be one of the sites of five enterprise zones in Wales.
The Welsh Government announced yesterday that five areas of the country would be designated enterprise zones giving them greater ability to compete with cities in England, which were granted the status earlier this year by the UK Government.
Although full details of how the enterprise zones in Wales will operate have yet to emerge it is anticipated that they will benefit from some of the same initiatives as England which include cheaper business rates, superfast broadband and lower levels of planning control.
Cardiff’s enterprise zone will be designated for financial services and it is hoped that the announcement will act as a boost to the city’s ambitious plans to create a multi million pound Central Business District in the city centre, creating thousands of jobs and making major improvements to the traffic infrastructure.
Investment of up to £160m will be secured for the city as a result of the establishment of the CBD which will see the Welsh capital firmly established as an economic powerhouse and a driver for regional growth.
Funds of up to £60m including £21m from WAG have been earmarked for the CBD and a further £100m is also expected to be ploughed in from private sector investment.
Council Leader Cllr Rodney Berman has hailed the enterprise zones which have been announced after months of lobbying the Welsh Government by senior politicians and officers at Cardiff Council.
Cllr Berman said, “I am delighted that the months of lobbying and hard work by myself and my colleagues have come to fruition and Cardiff is now going to benefit from having an enterprise zone as this is the only way we can be placed on a level playing field with cities such as Bristol.
“Earlier this year we unveiled our ambitious plans to create Central Business District in the heart of the city centre which will transform Cardiff into one of the UK’s powerhouse financial cities.
“These plans, which include a new bus station, public square and convention centre as well as major improvements to the traffic infrastructure around Callaghan Square will not only have a major impact on the city but also the surrounding area bringing major economic benefit to wider city region and generating thousands of high quality jobs.
“We have not yet received any formal notifications of what the enterprise zone means for Cardiff but I would hope that it would encapsulate our proposals for a Central Business District.”
Deputy Leader Cllr Neil McEvoy, Executive Member for Economic Development said he was thrilled at the news, “As a Council we have made it very clear that we will do everything we can to support the expansion and creation of business in the city and this news, which we have been calling for, for some time ensures that we can deliver.
“We are excited about what this means for the future of Cardiff and Wales and are delighted that the Welsh Government has recognised that Wales needs enterprise zones it if is to effectively compete with the rest of the country.
“We look forward to hearing what enterprise zone status will mean for Cardiff and hope that it will complement our plans for the CBD which is a vision that will help to rejuvenate the entire region.
“At this time of continuing economic uncertainty it is more important than ever that we are able to demonstrate our commitment and investment in our businesses and our belief in our future.”
