It actually takes everything into account:
New sporting venues (Commonwealth games etc.)
Upgraded sporting venues (yes...OT)
New buildings (Hilton Tower etc.)
New transport links
etc. etc. etc.
I also think it will include the money spent on MA, whether it be a lot or not.
£9.5million investment in Manchester’s Biomedical Research Centre (School of Medicine - University of Manchester)
Just over a month ago they got nearly £10 million...