SENIOR elected members of Newport council accepted on Monday the idea of a new economic body focused on the regeneration of the city.

Labour councillors in the city’s cabinet accepted in principle a new Newport Economic Network, subject to more detail being made available in future.

Plans have emerged for the new body amid the winding up of Newport Unlimited and the near completion of the work of the ReNewport taskforce.

It is thought that the network would work on and take forward ideas from ReNewport, and would complement the work being done in the Cardiff Capital City Region, of which Newport is a part.

Chief executive Will Godfrey outlined that the council was not talking about transferring staff to the new body but that the network would involve “coordinating resources from all interested parties”.

He said there is still a fair amount of detail that needs to be teased out, in particular about the Welsh Government’s involvement and resources.

“The important of bringing it here today is because Newport Unlimited has now been wound up, it’s important we agree in principal the next step forward,” he said.

“This is about making sure that we have an ongoing structure that maintains the involvement of all different parties that have got an interest.”

Council leader Bob Bright said: “Make no mistake we are chomping at the bit to move this forward... We seem to have turned a corner. We can’t lose the momentum.”

Earlier Cllr Bright said: “We are told that the minister is mindful to give a sum of money to ReNewport, we think it’s over three years.

“Until we make precise plans we need to know where the financing is coming from."

A report to cabinet members said the city is entering a “critical period” and it is now more important than ever to ensure all parties involved in the regeneration of the city work together to deliver maximum benefits for communities.

The new body would have an executive board made up of representatives from key sectors and businesses alongside senior public service figures from the city council, Welsh Government and the University of South Wales.