Common use of A Regional Economic Strategy Clause in Contracts

A Regional Economic Strategy. The Regional Cabinet, using the research and recommendations from the Growth and Competitiveness Commission, are preparing a Regional Economic Strategy that will support a competitive inclusive Cardiff Capital Region, playing to the strengths of the areas within the region to increase overall opportunity, mobility, jobs and investment8. The Regional Economic Strategy will clearly define the regional objectives and include a programme detailing the targets expected from the City Deal during its lifetime and beyond9; together with the indicative spend profile for the wider investment fund (comprising of the HMT Contribution and the Council Contribution in the aggregate sum of £586,000,000). Although focussed on the economy the Regional Economic Strategy will also playing a role in improving the social, environment and cultural well-being of the region and may include additional targets to reflect this. Although the procedures for the use of the Wider Investment Fund are necessarily detailed the principles are straightforward:  The Regional Economic Strategy will contain a programme which details the expected targets to be achieved from the City Deal;  Candidate schemes for the Wider Investment Fund will be assessed to measure how they will support the delivery of these targets; and  A balanced programme of delivery will be managed to ensure that the defined targets are achieved. The Regional Economic Strategy will be developed in accordance with the ‘sustainable development principle’ and in setting regional objectives and targets will seek to support and promote the seven well-being goals as detailed in the Well-being of Future Generations (Wales) Act.

A Regional Economic Strategy. The Regional Cabinet, using the research and recommendations from the Growth and Competitiveness Commission, are preparing a Regional Economic Strategy that will support a competitive inclusive Cardiff Capital Region, playing to the strengths of the areas within the region to increase overall opportunity, mobility, jobs and investment8. The Regional Economic Strategy will clearly define the regional objectives and include a programme detailing the targets expected from the City Deal during its lifetime and beyond9; together with the indicative spend profile for the wider investment fund (comprising of the HMT Contribution and the Council Contribution in the aggregate sum of £586,000,000). Although focussed on the economy the Regional Economic Strategy will also playing a role in improving the social, environment and cultural well-being of the region and may include additional targets to reflect this. Although the procedures for the use of the Wider Investment Fund are necessarily detailed the principles are straightforward:  ⮚ The Regional Economic Strategy will contain a programme which details the expected targets to be achieved from the City Deal;  ⮚ Candidate schemes for the Wider Investment Fund will be assessed to measure how they will support the delivery of these targets; and  ⮚ A balanced programme of delivery will be managed to ensure that the defined targets are achieved. The Regional Economic Strategy will be developed in accordance with the ‘sustainable development principle’ and in setting regional objectives and targets will seek to support and promote the seven well-being goals as detailed in the Well-being of Future Generations (Wales) Act.