How greater devolution could unlock investment to help us to tackle the region’s biggest challenges

Ed Rowberry, chief executive of Bristol and Bath Regional Capital, gives his views on the importance of devolution for the region

With a national election on the horizon in the UK this year, both of the main political parties are looking at greater devolution to the regions and what this should look like.

We believe that civic-led, not-for-profit impact investment models such as BBRC’s, should be included in the devolution discussions and supported to scale alongside regional government. This would mean that local outcomes could be co-designed with communities across the country and funding flows could be more effectively deployed than via a centrally led model.

BBRC is the South West’s first home-grown, place-based impact investor with a mission to improve the wellbeing of people, local communities and the environment in the region.

We achieve this by aggregating local and regional projects and businesses that are tackling some of the biggest challenges and issues in our region, matching them to private and governmental funding and investment. We deploy these resources to invest in community infrastructure, the acceleration of net zero and nature-positive business and infrastructure, and affordable and sustainable housing in the South West of England.

The investment is structured to be aligned with local priorities, and where there is values alignment will offer investors attractive risk-adjusted returns and impact outcomes.

Through this work and over the next ten years, we are aiming to bring forward 2,500 homes for low income working families, including key workers. We are also aiming to enable a just transition to net zero by investing over £100m in the local supply chain to build homes and retrofit physical infrastructure.

We are aligned with regional policy objectives, including those of the West of England Combined Authority, Bristol City Council and even more broadly, the pan-regional partnership, Western Gateway.

However, the current policy environment means that scaling an operation like ours is slow and time consuming. Because we are not considered part of the devolution system, we do not have a status in the discussion. This means that we spend much time trying to access the investment and funding to deliver on our model from central sources. This time could be better spent deploying funds alongside communities to create positive change – and it would be at a significantly lower cost to the taxpayer too.

In the ten years since BBRC was established, we have mobilised more than £60 million to invest in businesses and projects delivering strong social, economic and environmental outcomes for local communities and attractive returns for investors.

Over the coming year, we will be seeking vital conversations with key policymakers in the Government and opposition to make progress on engaging our model as part of the devolution ambitions to deliver positive systemic change in a cost effective way. We must ensure it becomes a key opportunity that is delivered by a new Government on the other side of the General Election.