A £1.2 billion City Deal to unlock significant economic growth across the Cardiff Capital Region (CCR) was formally signed this week.

Over its lifetime, local partners expect the City Deal to deliver as many as 25,000 new jobs, and £4 billion of private sector investment across the region.

The ten leaders of the local authorities in the CCR, the Secretary of State for Wales Stephen Crabb, the Chief Secretary to the Treasury, Greg Hands, and First Minister Carwyn Jones signed the City Deal document in a ceremony at Admiral’s head office in Cardiff.

The City Deal will help boost economic growth by improving transport links, increasing skills, helping people into work and giving businesses the support they need to grow.

Welcoming the City Deal, Chancellor of the Exchequer, George Osborne said: “I want to create a devolution revolution around the UK and empower local leaders in Wales, so it’s fantastic to announce a historic City deal in the Cardiff City Region worth over £1.2bn.

“This landmark deal is expected to create up to 25,000 jobs and leverage £4 billion of private sector investment by handing real power to local decision makers that are best placed to ensure the welsh economy is fit for the future.”

Secretary of State for Wales Stephen Crabb said: “Cardiff is one of Europe’s youngest and most dynamic capital cities, with a growing international profile and a burgeoning reputation as a destination for businesses to invest.

The City Deal provides the springboard for Cardiff to emerge as a leading engine of growth in the UK. It will help transform Cardiff city region, expecting to unlock billions of pounds of private sector finance and deliver thousands of new jobs in South Wales.”

The First Minister of Wales