Cardiff City Deal takes step forward

'In principle commitment' welcomed

27 November 2015

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Chancellor George Osborne announced an ‘in principle commitment’ to help fund the Cardiff City Deal in his Comprehensive Spending Review on Wednesday 25 November 2015, which set out the government spending plans for the next five years. He did not say how much the UK government would be prepared to invest. Outline proposals for the City Deal funding for the Capital Region were submitted to the UK government earlier this autumn by ten local authorities in south-east Wales.

Michael Lawley, Chairman of Cooke & Arkwright said, “This ‘in principle commitment’ is great news for Cardiff and south-east Wales. The opportunity to now secure an effective injection of significant funding into infrastructure, such as the Cardiff Metro and Valleys Lines in particular, and securing political alignment across the Cardiff Capital Region, are big wins for business, investors and residents.”

Cooke & Arkwright have been providing rating valuation advice to The Welsh Rugby Union Limited (“WRU”) and Millennium Stadium plc for many years. They were recently successful in achieving substantial reductions in the assessments of the Millennium Stadium, covering both the 2005 and 2010 rating list. These negotiated reductions yielded savings of c.£3.5m which, crucially, allows the WRU to re-invest in rugby throughout Wales. They advise the WRU across the group portfolio including the National Centre of Excellence in the Vale of Glamorgan. The valuation issues across the WRU portfolio are complex requiring a high level of understanding of the funding and finances of professional sport in Wales. Cooke & Arkwright’s experience and understanding of these issues and application to the rating valuation have yielded these substantial negotiated reductions. The WRU and the Millennium Stadium entrust our work to organisations with the required levels in experience and expertise in dealing with these complex issues. I am glad to say we have this expertise in Wales. I would have no hesitation in recommending ratepayers making use of this Welsh based expertise.

Steve Phillips, Group Finance Director, Welsh Rugby Union Group