Table 4 Infrastructure elements in the Wave 1 City Deals
From: ‘The governance of local infrastructure funding and financing’
Instrument | City Deal | Detail |
|---|---|---|
‘Earnback’ | Greater Manchester | A payment by results infrastructure investment approach that is based on raising GVA growth, from which Greater Manchester earns back a return of national tax take. |
Tax Increment Financing (New Development Deals) | Newcastle, Sheffield City Region and Nottingham | Borrowing to finance critical infrastructure against future business rates. |
Economic Investment Fund | All City Deals | Pooled funding and business rates. |
Rail Devolution | Greater Manchester, Bristol and West of England, Leeds City Region and Sheffield City Region | Commissioning and managing local and regional franchises. |
Local Transport Major Funding | Greater Manchester, Greater Birmingham and Solihull, Bristol and West of England, Leeds City Region and Sheffield City Region | 10 years devolved transport funding matched locally for strategic transport investments. |
Low Carbon Pioneers | Greater Birmingham and Solihull, Leeds City Region, Greater Manchester, Newcastle and Nottingham | Local programmes to reduce carbon emissions and invest in green infrastructure and city district heating systems. |
Superfast broadband | Bristol and West of England, Greater Birmingham and Solihull, Greater Manchester, Leeds City Region and Newcastle | £100 investment fund. |