The Welsh Government will not match plans to speed up investment in the Mid Wales Growth Deal until after the Senedd election, councillors have heard.

At a meeting of the Growing Mid-Wales board on Thursday, March 11, members discussed the recent announcement made in the UK Government’s budget, that its half of the £110 million will be made available over 10 years rather than the previously planned 15.

It means the deal will receive £5 million a year from the UK Treasury to invest in Mid Wales, rather than the previous plan for £3.66 million.

Mid Wales Growth Deal strategic manager Carwyn Jones-Evans said: “We had a positive announcement that the UK Government, that they have decided to accelerate the profile, and we’re now talking about a deal over 10 years rather than 15.

“It’s the same amount of money but being accelerated.”

Mr Jones-Evans, continued: “The Welsh Government haven’t confirmed their position on the funding and whether they will match that 10 year profile or stick to the 15 years profile.

“That is a conservation to be had post the Senedd elections."

Mr Jones-Evans told the board that he and others were having regular discussions with representatives of both Welsh and UK Governments.

Part of the discussion was to ask whether a clock had started ticking on the funding time scale?

Mr Jones-Evans said: “Nothing changes with the process we are following, they are quite comfortable in terms of the approach we are taking.”

It is hoped the deal will come together ready for projects to be confirmed by the end of this year.

Mr Jones-Evans added: “In terms of when the 10 years, the Treasury has not profiled the money in for any particular years yet.

“It’s for us to decide as a region, there’s flexibility there.”

He added that when the portfolio had been developed and projects were starting to appear on the horizon, they they could start discussing when to start receiving the money from the Governments.

The Welsh and UK Government believe the growth deal has an “important part” to play in the recovery phase of the economy, after Covid-19.