British Property Federation: “Government must continue momentum on Brexit”

2 Feb 2017

Policy area: Brexit

As uncertainty continues to plague confidence among the UK commercial real estate industry, the Government’s Brexit White Paper published today is a positive step towards safeguarding our industry’s contribution to the UK economy in both the short and long term.

The health of the real estate industry and the broader economy are inextricably linked:

  • The market value of UK real estate is £1.6 trillion, representing 21% of the UK’s total net worth
  • Real estate contributes £94 billion annually to the UK economy – 5.4% of GDP
  • The UK real estate industry directly employs 2.1 million people, which is 6.8% of the labour force

The real estate industry can support Government with building confidence if it listens to our call to:

  1. Create the right operating and financial environment for the real estate industry itself
  2. Provide fair, stable and predictable tax and planning systems
  3. Invest in infrastructure and make more land available for development
  4. Ensure the UK’s access to global talent, capital and markets are not constrained
  5. Work with us to tackle the housing crisis 

Melanie Leech, Chief Executive, British Property Federation says: “We welcome this further step in the Brexit process, and we urge the Government to progress the negotiations as quickly as possible in order to give businesses certainty. Our industry is a willing partner for Government through this period as it delivers its industrial strategy; and will be critical to the UK’s long-term economic health through its provision of the places where we will all live, work and spend our leisure time.”