Melanie Leech, Chief Executive, British Property Federation says: “Real estate contributes £94 billion annually to the UK economy, representing 5.4 per cent of GDP, and, in Theresa May’s Brexit speech today, we are pleased to see that the government is focused on ensuring as much certainty as possible, which will support our industry to drive forward much needed growth across the UK. It is also positive to see that the Prime Minister wants to guarantee the rights of EU nationals living in Britain as this will form part of the country’s ability to retain the highest calibre of global talent, but future supply needs to be guaranteed.
“As negotiations unfold, we also ask the government to not overlook ongoing fundamental issues such as the UK’s overly complicated planning system. It is not adequately focused on delivery with resourcing in Local Authorities continuing to decline, which continues to negatively impact the country’s development pipeline. The government also needs to provide a stable and predictable tax system that encourages both UK and foreign investment, including simplifying VAT to incentivise development and renovation activity.”