Bristol and the West of England have a great opportunity to overcome any looming economic challenges so long as its civic leaders work together, according to the region’s largest business group.
Mayor of Bristol Marvin Rees and West of England Metro Mayor Tim Bowles need to ensure that the city-region remains a great place to live, work, invest and do business, Business West said. 
Director James Durie, pictured, used last week’s GDP figures to highlight the challenges – and opportunities – for the region. Challenges include a looming increase in interest rates – the first for a decade – wage growth lagging behind inflation and a slowdown in retail sales.
The figures, released by the Office for National Statistics (ONS), show GDP expanded by 0.4% in the three months to the end of September and year-on-year growth rate of 1.5% – both slightly ahead of forecasts.
But while welcoming this as positive news, Mr Durie said the figures were “by no means a cause for celebration” adding they indicated that the UK economy remained “locked onto a low growth trajectory”.
He said: “While the manufacturing sector was a bright spot in Q3, growth in services was sluggish and the construction sector remains a concern.”
The figures broadly matched findings from Business West’s third quarter business survey which showed the economy doing slightly better than expected.
“However, we are some way off the levels of growth required to maintain a vibrant national and regional economy,” he said.
“The Brexit slowdown continues. However, we must remember that despite all the political noise, businesses trade with other businesses, not governments.
“The Bristol and West of England city-region remains a high-output, high-growth regional economy that bucks the national average due to the talent and ingenuity of local business. There is no doubt that our local and national economy has its challenges and businesses will be waiting with baited breath on announcements from the Bank of England and the Chancellor on interest rates and the budget respectively.
“But opportunities are being created for this city region too. The weak pound helped see an uptick in manufacturing during Q3 and commentators predict that the visitor economy is set for record growth as we inch towards 2018.
“If business and local political leaders, including mayors Tim Bowles and Marvin Rees, continue to work together as a city-region to ensure that this area remains a great place to live, work, invest and do business, we have great opportunity to thrive in the face of any economic challenges that come our way.”
The mayors work together with the leaders of Bath & North East Somerset and South Gloucestershire councils on the West of England Combined Authority under powers devolved from the government in areas such as infrastructure, skills and housing.
