§ Mr. Ron Davies
To ask the Secretary of State for Wales (1) what studies his Department has conducted into the impact of the Cardiff bay redevelopment scheme on the south Wales valleys; and of what other studies he is aware;72W (2) what is his assessment of the impact of the Cardiff bay redevelopment scheme on the south Wales valleys; and if he will make a statement.
§ Mr. Peter Walker
A report by consultants commissioned by the Welsh Office in 1986 suggested that a major innovative redevelopment in Cardiff would be of national and possibly international importance. It would enhance Cardiff as a capital city and also help the economy of south Wales as a whole by attracting the investment and creating employment. The programme for the Valleys and the developments of the Cardiff Bay Development Corporation will combine together to make a considerable impact on the south Wales economy.
The programme for the Valleys envisages very substantial public investment over the next three years and in addition to that the private investment provoked by regional development grants and regional selective assistance alone are anticipated to create £1,000 million of private investment in the Valleys. There will be, of course, much further private investment that does not fit into this category.
The projections undertaken recently for the Cardiff Bay Development Corporation suggest that the project there could stimulate the creation of about 30,000 jobs in the area and private investment of £1 billion.
Doubtless there will be those in Cardiff who will find employment opportunities in the Valleys and those in the Valleys who will find employment opportunities in Cardiff.