Bath and the West of England's £1bn devolution deal will deliver a well-timed boost to the area's economy following the uncertainty caused by Brexit, leading regional property industry figures said this week.
The package – which includes funds for transport, skills, employment and housing – was backed by Bath & North East Somerset (B&NES), along with Bristol City and South Gloucestershire councils, on Wednesday.
Bilfinger GVA’s regional senior director, Jo Davis, pictured, said the decision would allow the West to build on its success as the only UK core city-region to pay more into the government’s coffers than it takes out. 
“The decision shows our city-region has strong outward facing leadership, allowing us to showcase and build on our successes, nurture established national and international private sector relationships and deliver infrastructure projects on the ground to ensure our position as the only city outside of London to positively contribute to the GDP is not eroded,” she said.
“The decision places our region in the strongest position to face the current uncertainty and tells the national and international markets that Bristol is a place to invest. It is a challenging yet exciting time for the region.
“Devolved powers will allow the region locally to make informed decisions on what infrastructure is needed, how it is funded and when and how it will be delivered.”
Tim Davies, head of the regional office of property agency Colliers International, pictured below, said approval of the deal by the councils was “positive news” in the wake of the uncertainty following the result of the EU referendum.
“We now have an historic opportunity to create a West of England powerhouse that can generate the sort of business success that has already been experienced in Manchester following regional devolution in 2014,” he said.
He suggested former independent Mayor of Bristol George Ferguson as the metro mayor but expressed disappointment that North Somerset had not supported the deal. 
“It will be essential to ensure that the correct political structure is in place, and it will be crucial that the single elected mayor of this ‘super council’ is a strong and experienced leader who is supported by all parties,” he said.
“Given that George Ferguson has extensive political and business experience and did so much to bring about the West of England devolution deal during his time in charge of Bristol, it is arguable that he would be an ideal candidate for this lynchpin role.
“A West of England mayoral authority with a single, elected mayor will ensure pro-active liaison on matters such as transport infrastructure, and will do much to underpin our already successful regional economy.
“It is a great shame that North Somerset – the location for Bristol International Airport – will not be part of this, and also will not benefit from the funding that has been offered by the Government as part of the deal, and which will now go to the three other councils that have decided to embrace it.
“In Bristol, we have already experienced the benefits of being led by an elected mayor, after it became the first English city outside London to elect a mayor in 2012. Although George Ferguson was not able to wield the level of power afforded to Boris Johnson in the capital, he played a vital role in supporting economic growth within the city and in the wider region.”
