The Autumn Statement has been welcomed as a ‘boost for the regions’ by Tim Davies, head of the Bristol office of Colliers International.
He said: “The Chancellor was absolutely right when he called for improved performance from regional cities, and noted that too much growth is concentrated in London and the South East. The need to rebalance the UK’s economy is something that we appreciate only too well in the South West, which is a thriving region but has the potential to be even more successful.
“It is good to see the Chancellor putting his money where his mouth is, with an allocation of £1.8 billion for English regions from the local growth fund, which will include a total of £191 million to the South West, of which individual Local Enterprise Partnerships in the region will benefit.
“This funding, together with new borrowing powers for local authorities, represents a welcome boost for the regions at a time when the West is preparing for devolution,
“In addition, given that consultation is currently underway on the West of England draft Joint Spatial Plan on housing allocation, and the Joint Transport Study, it was particularly timely to announce the plan to unlock land for housing with a £2.3 billion housing infrastructure fund to enable the construction of 100,000 new homes in areas of high demand.
“The regions will also undoubtedly benefit from £23 billion National Productivity Investment Fund for innovation and infrastructure over the next five years.”
