Devolution has brought about growing differences to the four constituent parts of the UK – England, Wales, Northern Ireland and Scotland. While bilingual signs in Wales will not make much difference to investors, a different rate of corporation tax in Northern Ireland or different legal system in Scotland might.
The administrative differences are set to go further as the devolution of English cities continues, with the UK’s central government transferring certain powers, which puts decision-making on things such as infrastructure back into the hands of local government.
But it is not all about individual power. There is a growing wave of collaboration among the UK’s cities and city regions’ councils – strength in numbers, if you will. In the first of a series of special spotlights, we look at one of these collaborations, the northern powerhouse. What does the alliance between northern cities mean and what opportunities are there for investors? We will be looking at the Midlands engine in the autumn edition of the Investor Guide.
For many cities, housing shortages remain a huge problem and the UK government has moved to encourage more build-to-rent development as part of the solution. This fledgling sector together with affordable housing could offer an alternative asset for those looking outside the traditional offices, retail and industrial.
Stacey Meadwell, UK cities editor, Estates Gazette
