Devolving greater powers, including fiscal powers, to the big city regions may not be the sort of issue to set the pulses of the electorate racing but it is one that is now very much one on the radar of the major political parties and could well feature prominently in next year’s General Election manifestos.
Are we about to enter a new age of revitalised regional cities with vastly devolved powers? And if we are, would this be good or bad news for the property sector?
Ever since they were elected the present Government has toyed with concepts of localism and devolution. The coalition government has introduced Enterprise Zones, City Deals, Local Enterprise Partnerships and the Regional Growth Fund since 2010 in an effort to boost economic development in the English regions.
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