Issue - meetings

As detailed in the recmmendation.

The Leader of the Council introduced the report which provided a summary of the Investment Zone programme and the progress made to date on its development in Flintshire and Wrexham.  Whilst the announcement of a General Election had created a degree of uncertainty to the process, development work on the Investment Zone has continued in readiness for further discussion with the two governments post-election.

The Investment Zone would focus on the nationally important cluster of advanced manufacturing businesses in Flintshire and Wrexham to enable the sector to thrive, expand, increase skills and wages and increase their contribution to the economy of the region.

Advanced Manufacturing has been selected as the sector that the Flintshire and Wrexham Investment Zone would support, based on the available data and analysis from the two governments showing the scale and importance of this existing cluster.

The Chief Executive reported that the UK Government announced two Investment Zones for Wales in the Spring Budget of 2023.  The Autumn Statement in November 2023 subsequently confirmed that Flintshire and Wrexham would join the Cardiff City Region as the second Investment Zone.  This followed a period of significant work, which was driven by local business leaders, to highlight how the potential of the functional economic area of Flintshire and Wrexham, aligned with the assessment of both governments of the strategic fit with the policy intervention.  Subject to the Investment Zone proposal meeting specific requirements, a funding envelope of up to £160m was available to that Investment Zone for a period of 10 years.

The approach being taken was not without a level of risk, but there were believed to be mitigations to the risks, as outlined within the report. 

            Councillor Healey reported that the proposed Investment Zone was discussed at Environment and Economy Overview and Scrutiny Committee on 16^th July 2024.  Whilst the recommendations were supported, a number of Members raised concerns which were highlighted in the report.  Councillor Healey provided a detailed response to the concerns raised.  

RESOLVED:

That Cabinet recognises the progress of work on the Investment Zone and supports the Council to work with Wrexham County Borough Council and the Corporate Joint Committee to work at risk through the required Gateways outlined over the next six months, to secure the funding of £160m over the next 10 years.