Simon Peacock, head of the South West region at leading property consultancy JLL, comments:
“The ten largest cities outside of London, which include Bristol and Cardiff, are home to a combined population of 15.6m compared with London’s 9m. And yet the big 10 regional cities account for only 22% of UK GDP compared with London’s 26%.
“It is vital that these regional economic centres are at the heart of the government’s action plan to level up the UK economy, so commitments such as raising investment in research and development outside the South East and improving public transport connectivity outside London are of course to be welcomed. It’s also positive to see places such as Devon, Plymouth and Torbay and Cornwall being earmarked for new county devolution deals.
“The big focus was on areas such as the North and Midlands today where investment has long been much needed, but it’s important that the South West is not overlooked. Bristol, for example, has a fantastic story to tell in terms of how investment translates into productivity, with the city among those with the highest productivity levels per capita. However, it also has some of the highest levels of deprivation in the country. Investment combined with a joined up regional approach are required to ensure the city realises its economic potential.
“The substantial commitments to funding for regeneration and housebuilding in the Levelling up white paper underline the central role that the property industry has to play in delivering the government’s agenda. Property and infrastructure investment are at the centre of rebalancing the UK’s unequal economic geography and we should now begin to see this fundamental role cemented.
“The provision of fair access to quality space in which to live and do business is essential to the overall health of society – towns and city centres across the UK need to be reimagined in a way that delivers economic, social and environmental value.”
