Ten local authorities backed a report outlining a future economic strategy for south-east Wales.

Recommendations in the report included more collaboration between local councils to support public and private investment in infrastructure and to develop housebuilding and regeneration plans around the region.

The £1.2bn investment fund includes £325m committed to the Valley Lines Electrification programme and more than £400m allocated to the south-east Wales Metro scheme.

Some £50m will be invested in constructing a new technology centre and the Welsh Government will work in partnership with local authorities in the region to regenerate the area.

The Cardiff city region deal is expected to create a further £4bn of private investment in the region.

City of Cardiff Council leader Phil Bale said: “The leaders welcome the commission’s report, and work has now begun to include recommendations […] within the CCR city deal implementation plan, which will be considered by all the councils concerned in the near future.”

Both the UK and Welsh Government will contribute £500m to the city region deal, with the 10 local authorities in the Cardiff Capital Region contributing a minimum of £120m over the 20-year period of the fund.

The government recommitted to implementing the Cardiff city region deal in last year’s Autumn Statement.

Chancellor Philip Hammond said the agreement “remains at the heart” of the government’s strategy to develop local regions.

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