By Bilal Ahmed, Chairman and Founder of Sama Investments
With the arrival of a new Labour government, the strategy of devolution has once again come to the forefront.
This is not a new one. It has been rolled out over the last decade and has already produced positive results, with the support of mayors who are focused on making a positive difference in the areas they represent.
The West Midlands Combined Authority announced The Deeper Devolution Deal last year – securing wide-ranging new powers and a budget windfall in excess of £1.5 billion to level up the region, including significant longer-term funding agreements with 100% business rates retention for 10 years – and other cities have seen the benefits of devolution.
This is seemingly just a glimpse of what is to come, with early promise that under the new government devolution will go even further, and deeper.
Within days of the election, the Prime Minister invited the UK’s Mayors into Downing Street. This signalled a remarkable change in tone in central-local relationships.
Since then the shift has been backed by legislation, with an English Devolution Bill announced by deputy prime minister Angela Rayner, which will establish a new framework for devolution.
The King’s Speech also announced the creation of a Council of the Nations and Regions which will give England’s regions a stronger line of communication to government.
In September the government made a commitment to deliver full devolution across the North. And in October it was announced that £68 million – delivered through the Brownfield Fund – will go directly to 54 councils who will be able to use the money to turn neglected land into new homes.
Taken together this is great news for England’s regions and its people. For the private sector and investors, particularly into the built environment, it’s a window of opportunity.
For devolution to achieve growth it needs to work hand in hand with investment by the private sector. It’s success in the past has hinged on this and will do so again this time around.
The public investment by the government into devolution, alongside proposed changes to planning policy, is the platform for supporting and reducing risk for private investment into regions.
Now, is an opportunity to get involved, take advantage of the new incentives, and help shape the future of England’s regions.
