With two routes into London, Exeter is better-connected than many parts of the region, but it must ensure that journey times remain competitive with rival cities around the UK, particularly the beneficiaries of HS2.

Effective competition with other business hubs should be Exeter's main priority for the new franchise, according to Richard Walford, partner and head of real estate at law firm Foot Anstey.

With multi-billion investment in initiatives like the electrification of the main line to Bristol and the High Speed 2 scheme to provide faster links between London and the Midlands, CrossRail and the electrification of the main line to Bristol, Mr Walford said that Exeter could seem less-connected by comparison.

"In order to compete with those centres, we need to have better transport links. There is a danger that other areas will be better placed for future growth and investment," he said.

Mr Walford said it was important for local authorities and business groups to join forces so that the region could lobby with a single voice on issues like faster services to London and the north.

"It's a difficult decision from the region about whether to put the focus on improving inter city journey times or whether to push for improvements to local services – it's got to balance the two priorities," he said.

"I think the region would probably benefit from trying to build on its inter city services because that's what will enable the region to attract the economic growth we need."

Better communications were also identified as a priority – particularly with regard to providing WiFi on services.

Mr Walford also said that the area around Exeter St David's station could be developed into a hub for businesses.

"At the moment, it's a fantastic transport hub but there are not many businesses based there. With the opportunity we have to regenerate St David's you could do something really exciting there to bring in new businesses," he added.