The British Chambers
of Commerce (BCC) and Legal & General have published
a major report detailing how best to boost investment in our towns and
cities across the UK, looking at current investment barriers and how unlocking
further investment will help them to grow.
The report, titled Building the Towns and Cities of Tomorrow,
looks in detail at eight cities across the country, and finds that despite the
positives associated with urban regeneration, the complex issues facing our
towns and cities require action across many fronts
The economic weight
of London brings challenges and opportunities, an entrenched problem is the
real or perceived lack of prospects – with post-industrial towns not providing
or showcasing the opportunities for ambitious careers.
The report
highlights a ten-point framework to unlock investment in UK towns and cities,
but ultimately, those places themselves must determine their own future, and
local business communities, local government and other key decision-makers can
create the conditions to allow that investment to happen.
The framework calls
for places to:
- Have a vision– and articulate
what it wants to achieve, and what investment is needed to make it happen
- Partner and collaborate– as
the failure to do so can prevent investment
- Adopt a global mindset–
drawing in capital and talent from overseas to help realise their
ambitions
- Develop, attract and retain
talent– as skills shortages are a barrier to investment
- Understand local assets–
universities for instance are obvious assets that can attract investment
- Cater for growth– with
sufficient housing to attract workers and their families, and suitable
commercial premises for businesses to expand
- Think about the future– as
automation and other economic trends will disrupt long-standing business
models
- Find proofs of concept–
innovative towns and cities will pioneer new types of investment and new
ways of financing investment
- Gain expertise– knowledge and
experience are required for major investment projects
- Create momentum– as
investment will provide impetus for more investment to happen
Dr Adam Marshall,
Director General of the British Chambers of Commerce (BCC), said: “There is no
doubt that our great towns and cities face several structural challenges.
Economic imbalances, a shortage of housing, and declining air quality are all
major obstacles. Local councils also face significant budgetary constraints –
so it is crucial that innovative ways of funding investment are sought.
“It is vital that
government takes a long-term view, and not seek to patch things up with
short-term fixes. Crucially, this report shows that real success will be
delivered when central government truly enables places and business communities
to determine their own future, based on the deep-rooted knowledge they have of
their local area.”
Nigel Wilson, Chief
Executive, Legal & General: “Creating vibrant Future Cities is key
Britain’s economic growth and prosperity. Devolution enables local leaders to
develop a compelling vision for each of our cities as great places to work,
live and play, while the abundance of global investment capital can bring these
visions to life.
"We have
invested £15bn in the UK’s great cities, including those in this report, and we
will invest more. There is a dual return from these investments: a financial
return for pension savers and investors, and a growth boost to local economies.
This report shows how more investment can be made, adding to productivity and
providing a cities framework for new growth businesses and high-skilled jobs.”
