Heseltine review welcomed by Birmingham property professional
PROPOSALS to review the UK’s industrial growth strategy have been welcomed by one of Birmingham’s leading property professionals.
Jan Thompson, regional chairman of Jones Lang LaSalle, said he was greatly enthused by the recommendations contained in Lord Heseltine’s review, No Stone Unturned.
The review proposes a major devolution of power from Whitehall to the regions with Local Enterprise Partnerships taking on an enhanced role for generating economic growth aided by beefed up powers for local authorities and chambers of commerce.
Thompson said he was pleased to hear the Tory grandee tell a Birmingham audience today that the government’s obsession with London must change.
The former Deputy Prime Minister’s trenchant comments also offered hope that the country’s major regional urban centres, such as Birmingham, would regain the economic power they once had, he added.
“I was delighted that Lord Heseltine decided our wonderful old Town Hall was the right place to unveil his review, rather than the House of Commons, because regional strategy is at the heart of his analysis,” said Thompson.
“Birmingham, along with other major regional cities, has been trying long and hard to dilute the London-centric focus of successive governments on many strategic issues, particularly the need for significant infrastructure investment in roads and airports outside the South-East.
“Perhaps the coalition, which commissioned Lord Heseltine’s review, will accept his view that cities such as ours should have much more of a say in the way in which national revenues are distributed, and that the Regional Growth Fund needs increasing significantly.”
Thompson said he was equally pleased to hear Heseltine’s comment that LEPs needed greater financial resources to allow them to create the jobs the economy needed.
“I’m a great believer in public-private partnerships, and the LEPs are a great idea, but in terms of wealth creation, it made no sense to abolish (regional development agency) AWM – with an annual budget north of £300m – then expect a LEP network in its present under-funded form to match its achievements,” he said.
“The review also rightly points out that chambers of commerce should be freed up to take a more strategic role in their regions, and as we have the oldest and the biggest chamber in the country, Birmingham can only benefit from such an approach.”
His comments came after JLL’s third quarter update which showed the firm performing ahead of forecasts.
“Market conditions are still challenging, but we feel cautiously optimistic, not because of what is happening globally, but because of activity in this region,” he said.
“Our shed team shifted some 1.5m sq ft of space in the third quarter, our planners are busier than for several years and our development teams are working on some major regeneration schemes so there‘s a lot about which to be positive.”
