CARDIFF THE CAPITAL CONNECTION CONTENTS 2 | CARDIFF - THE CAPITAL CONNECTION Page 1 Welcome to Cardiff 4 2 Deloitte in Cardiff 6 3 Introduction 8 4 Overview 10 5 The Capital Difference 12 6 Fast Growing Capital 14 7 The Workforce 16 8 Universities 22 9 Industry Strengths 28 10 Infrastructure 38 11 Cost Comparison 40 12 Financial Support 44 13 Useful Websites 46 The purpose of the guide is to provide information to help recipients make their own judgements about making business decisions as to whether to invest or operate in a particular city. The report’s contents were believed (at the time that the report was prepared) to be reliable, but no representations or warranties, express or implied, are made or given by Cardiff Council and Deloitte LLP as to the accuracy of the Report, its completeness or its suitability for any purpose. In particular, none of the Report’s contents should be construed as advice or solicitation to purchase or sell securities, commodities or any other forms of financial instrument. No liability is accepted by Cardiff Council or Deloitte LLP for any loss or damage (whether con- sequential or otherwise) which may arise out of or in connection with this Report. CARDIFF - THE CAPITAL CONNECTION | 3 1 WELCOME TO CARDIFF 4 | CARDIFF - THE CAPITAL CONNECTION Over the past 20 years Cardiff 20 years. Despite its growth, has transformed itself into a the city remains a competitive thriving and vibrant city with location for investors and, with a some of the best cultural and ‘Team Cardiff’ approach between recreational infrastructure of the City Council, the Cardiff all the UK’s cities. Following Business Council and the Welsh significant investment in Cardiff, Government, support for investors including the redevelopment of is always on hand. Cardiff Bay, the city centre and the Wales Millennium Centre, the The city’s vision is now to build on city has grown as a destination for this growth and development of leisure, culture and retail, hosting Cardiff’s business infrastructure. the Rugby World Cup, FA Cup Whilst the city has seen growth Finals and Ashes test matches, in employment across a with close to 20 million people number of sectors, there is still now visiting the city and annually significant capacity to build on spending £1 billion. the competitive business services and creative sectors. With high Over the next 15 years it is the numbers of graduates and a world’s middleweight cities, steady supply of skilled workers like Cardiff, that will be driving from across the city-region, forward economic growth. Cardiff already has in place the Analysis by the McKinsey Global building blocks to be one of the Institute highlights that in 2007, UK’s most competitive cities, and cities with a population of over the next 20 years the city between 200,000 and 2,000,000 aims to put in place development were home to 7% of the world’s that will help Cardiff to become population. However, this group one of the most competitive in is expected to contribute almost the UK in terms of its business a fifth of total economic growth offer. Investment in the city’s up to 2025, more than twice the transport infrastructure, linking expected contribution based with the surrounding areas in on population numbers alone. the city-region, will strengthen Cardiff, as a city that is primed for the labour market and improve growth, will be at the forefront of quality of life across South Wales. the middleweight city revolution. Key investment in the business infrastructure, including a new The data already shows that regenerated Central Square, and Cardiff is growing faster than the development of the Enterprise other cities in the UK, supported Zone will create a world-class by a skilled and competitive business environment. These workforce, the best quality developments will complement of life of any UK city, and big the city’s reputation as a great investment in the city’s business place to live, providing the quality infrastructure. It is no surprise jobs and opportunities for the therefore, that Cardiff is expected city region that will make Cardiff to continue growing faster than one of Europe’s top quality of life any other UK city over the next capitals. Cllr Phil Bale, Leader, Cardiff Council CARDIFF - THE CAPITAL CONNECTION | 5 Deloitte is delighted to be associated with this guide to investing in Deloitte Cardiff Delivery Centre Cardiff which we hope you will fi nd interesting and informative. In addition to our long standing core client services, The origins of Deloitte in Cardiff go Deloitte has been developing back by more than 100 years to a time centralised business operations when Wales was a major international in Cardiff since 2006. This producer of coal and steel and home began with a small team to the largest shipping line in the helping assure that some of world. Many new entrepreneurial our compliance obligations businesses were established in this were met for a defi ned part of area and many of those continue our business. The results of to this day. The last 30 years in this work were very successful, particular has witnessed a change leading to an expansion to in the economy of both Cardiff and the rest of the business and Wales. Coal extraction and some replication of the business manufacturing have declined but model to other functions. We what has emerged is a strong service have found that Cardiff off ers sector and a value-added driven us a capable, loyal, stable and economy. In the 21st century Cardiff is dedicated workforce that proud of its history and looks forward delivers work of a high quality. with hope to its future. We have therefore decided to incorporate the centralisation Deloitte is proud to have supported of more work in Cardiff as an many of Wales’ leading businesses enabler in our strategic growth during this time and we will continue plan with the creation of the to play our part in the evolution of Cardiff Delivery Centre. this vibrant economy, providing thought leadership and commercial Our fi ve year plan, announced guidance. Our aim is to drive in January 2015, is to create excellence in Wales by connecting, an additional 700 jobs. The engaging and informing. new jobs to be created are as a result of demand amongst, for Our Cardiff offi ces are situated three example, the banks, fi nancial minutes from Cardiff Central station. institutions and life sciences We provide the full range of services industries for services related off ered by professional services to governance, risk and fi rms and we also support the compliance. This centre will quality and risk operations for the incorporate existing teams and UK fi rm. We are continuing to invest add others which will deliver and grow our presence in Cardiff an increasing range of work, with a current workforce of just over largely in direct support of 300 people and signifi cant plans to deliverables and innovative expand further in the near future. off erings for our clients. Wayne Harvey | Senior Partner | Deloitte LLP 6 | CARDIFF - THE CAPITAL CONNECTION 2 DELOITTE IN CARDIFF CARDIFF - THE CAPITAL CONNECTION | 7 Cardiff is one of the UK Core Cities1 and is the capital of Wales. With a population of 351,700 it is the largest city in Wales and the ninth largest city in the United Kingdom2. It lies at the heart of the Cardiff Capital Region3, which is home to 1.5 million people. The city is also one of the fastest growing in the UK, with faster job growth than any of the UK Core Cities between 2000 and 20104. In addition to large increases in population and jobs, Cardiff has also seen a signifi cant increase in the number of visitors. This has resulted in an increase in visitor spend of over £400 million a year in the past fi ve years to over £1 billion in 2013. Leeds Manchester Liverpool 200km Sheffield Nottingham Birmingham 100km M5 GREATWESTERN M25 Bristol MAINLINE M4 London Cardiff Source: Cardiff Council / Google Maps Cardiff is just two hours away from the centre of London by rail or road, with easy access to the country’s other important business centres. Cardiff Airport has direct fl ights to a number of cities across Europe, with fl ights to destinations across the globe through regular scheduled fl ights via Amsterdam and Dublin. Located on the M4, Cardiff has convenient connections to Heathrow which is a two hour drive from the city. 1There are ten Core Cities in the UK that are the economically largest areas in England, Scotland and Wales outside of London. 2ONS 2013 mid-year population estimates 3The Cardiff City Region consists of the local authorities of Bridgend, Vale of Glamorgan, Rhondda, Cynon, Taff , Merthyr Tydfi l, Caerphilly, Blaenau Gwent, Torfaen, Monmouthshire, Newport and Cardiff . 4ONS mid-year population estimates 8 | CARDIFF - THE CAPITAL CONNECTION 3 OVERVIEW CARDIFF - THE CAPITAL CONNECTION | 9 4 THE CAPITAL DIFFERENCE 10 | CARDIFF - THE CAPITAL CONNECTION As the capital city of Wales, companies and staff based in Cardiff have access to a number of national institutions on their door step. In 1997 the people of Wales voted in favour of establishing a National Assembly which came into force in 1999. The National Assembly for Wales meets in Cardiff and takes decisions affecting the city and the rest of Wales. Investors in Cardiff are able to deal directly with national and city government leaders, meaning quick decisions can be made, and a support package through the ‘Team Cardiff’ approach means that all local partners are working together to support investment, regeneration and development.