Senior figures in the Welsh property industry have welcomed major reforms to Wales’s local and regional government that will introduce economic development powers, a massive shake-up of local government and a new planning system. Suddenly, Wales seems to be striking out in new directions.
With The Planning (Wales) Bill about to complete its passage through the National Assembly and due for Royal Assent this summer, Chris Sutton, chair of CBI Wales and lead director in Cardiff for JLL, says Wales now stands at a crossroads.
“Our planning system is on a par with the English system and how Wales implements this bill will determine whether the system becomes a structural disincentive for investment or a national asset,” he says.
“Doing this is like turning a supertanker, but what we should get is a slow move to a wide perspective with more strategic initiatives,” he adds “Combine the new approach to planning with the £3.5bn investment in the Wales Infrastructure Plan – the first time we’ve had anything like this – and it could make a real difference.”
Meanwhile, civic leaders in Bristol, Cardiff and Newport want to group their cities together in a bid to echo – and perhaps rival – the “Northern Powerhouse” being forged around Manchester by chancellor of the Exchequer George Osborne. With an economic output already said to be worth £58bn, the cross-border zone is already significant. Severn Bridge tolls are due to expire in 2018, while electrification of the Greater Western rail line linking the three cities is due for completion in 2017: both could be a substantial economic boost. Or could they?
