The arrival of a new Prime Minister, with an increasing policy focus on devolution, regional growth and place-based economic leadership, creates an important opportunity for the Thames Valley.
It also creates a moment of risk.
Other parts of the country are moving forward with established mayoral authorities, devolved funding and increasingly direct relationships with Whitehall. They are building the capacity to shape transport, skills, housing, investment and economic development around their own priorities.
The Thames Valley cannot assume that its economic success will protect it from falling behind.
Our region is one of the most productive and internationally significant parts of the UK economy. It is home to world-leading universities, research institutions, multinational businesses, high-growth SMEs and nationally important strengths in life sciences, digital technology, space, defence, advanced manufacturing and the creative industries.
But competitive advantage is never permanent. Our regional risk register is moving in the wrong direction. Businesses are examining their cost bases, international investors have choices, infrastructure constraints are becoming more acute and other regions are presenting increasingly coherent propositions to Government and the global market.
The question is therefore no longer whether the Thames Valley should pursue devolution. It is whether Government and local leaders can work together, with sufficient pace and ambition, to secure a model that genuinely improves the region’s ability to act.
That is a shared responsibility, and the outcome could be transformative.
To find a solution local leaders must continue the difficult work of building agreement across institutional and political boundaries. Government, in turn, must show more carrot and less stick. Be clear about what additional powers, funding and freedoms will become available.
There is little value in creating another layer of governance without the authority or resources to make meaningful decisions. This will be a negotiation, and government should be mindful that getting this right here will create new jobs and opportunities across the whole of the UK.
Without a definitive road map, the Thames Valley should not settle for a “devolution-light” foundational arrangement which changes structures but leaves the most important levers in Whitehall. The ambition should be to move decisively towards a fully empowered -or “full-fat” – Mayoral Strategic Authority with genuine responsibility for the issues that determine economic performance.
That should include meaningful influence over transport infrastructure, strategic planning, housing, skills, inward investment, innovation and business growth.
It is worth repeating that the test must be additionality. What could a new authority achieve that cannot be delivered through existing arrangements? Which decisions would genuinely move closer to the businesses and communities affected by them? What funding could be aligned to help create a plan for the Thames Valley over the long term?
Government needs to answer these questions more clearly. Local leaders must then respond with a shared vision proportionate to the economic importance of the region.
The optimum model should reflect the functional economic geography of the Thames Valley. Berkshire, Buckinghamshire, Oxfordshire and Swindon share labour markets, supply chains, infrastructure pressures, educational institutions and investment opportunities. Businesses do not operate according to historic administrative boundaries, and neither should strategic economic leadership.
The case for action is visible across the region.
Employers consistently identify access to skills and talent as a major barrier to growth. Housing affordability affects recruitment and retention. Grid capacity is constraining development. Transport schemes such as Western Rail Link to Heathrow require sustained regional advocacy. Innovation assets need stronger connections to commercial opportunities, supply chains and international markets.
These are not isolated local issues. They require strategic coordination at scale.
There is also a strong national interest. Investment secured in the Thames Valley supports jobs, suppliers and prosperity across the UK. Many international investments that do not land in Berkshire, Buckinghamshire, Oxfordshire or Swindon will not simply move elsewhere in Britain; they may go to another country.
The country cannot afford to place one of its strongest economic regions on the back burner in the expectation that growth will continue regardless.
Business is ready to play its part.
The Thames Valley Chamber of Commerce already works across traditional boundaries in skills, international trade, inward investment and business support. Through the Thames Valley Assembly, our employer networks and our relationships with universities, colleges and civic partners, we have the convening power to help shape a credible regional proposition.
We are ready to work with a future mayoral authority on a shared economic plan, engage businesses in its development, identify mission-critical projects and bring the voice of employers into strategic decision-making.
Business engagement, however, must go deeper than representation on a small number of formal boards. Co-development means creating sustained mechanisms through which businesses of different sizes and sectors can influence priorities, test proposals and help deliver solutions.
The foundations are already in place. What is needed now is clearer purpose, greater ambition and increased urgency.
Devolution should not be viewed as an institutional prize or an administrative exercise. It is a means of giving the Thames Valley the leadership, confidence and capability to compete.
Government must be explicit about the powers on offer. Local leaders must demonstrate unity around a compelling vision. Business must be prepared to contribute its expertise, networks and delivery capacity.
Scale matters. Ambition matters. Pace matters.
The Thames Valley is ready to move forward. The greater risk now lies in standing still.
The Chamber has set out a ten-point plan to unlock the full potential of the Thames Valley economy. The plan outlines priorities to strengthen business confidence and ensure that the UK’s true turbo economy, and one of the UK’s most productive economies, remains central to the nation’s future growth.
