A former government minister has called for regional devolution for the Midlands. Steve Norris, the former Conservative MP, Minister for Transport and London Mayoral candidate, delivered his message during a speech at the annual Investment Property Forum (IPF) Midlands lunch.
Norris, who now chairs both BNP Paribas Real Estate UK and Soho Estates, believes that indulging in “good diplomacy”, “head banging” and “backside kicking” will help to deliver regional devolution for the Midlands, and elevate Birmingham’s position as a key International investment destination.
He said: “Devolution is absolutely necessary. We are the most centralised economy in Europe, probably in the free world – it’s absurd that local authorities are reliant on 87 per cent of their income from London, where there are different agendas and motives. Birmingham needs more freedom and to be a regional capital in its own right.”
Norris said that HS2 will go ahead regardless of the outcome of today’s general election and will prove a game changer for Birmingham.
“Once you have the connection you need to turn it into real value for the city, in particular there are opportunities around Curzon Street,” he said.
He also highlighted the recent decision by HSBC to relocate its personal and business banking division to the city’s Arena Central development as an indication that Birmingham is now regarded as an attractive destination for inward investment.
“This was not an incidental choice,” Norris claims. “HSBC objected to the high occupational and employment costs in London. In Birmingham they will get extra value at no disadvantage to their business.”
Over 400 people attended the lunch at the ICC, which was sponsored by Barclays, Colliers International, DLA Piper and Lloyds Bank.
Speaking afterwards, IPF Midlands chairman, James Cubitt, said that Norris’ career in politics, transport and property made him a highly informed speaker, and that his opinions on regional devolution and the benefits of HS2 were relevant to the region and the country.
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