A plan for keeping the property market in London, and with it the UK, globally competitive following Brexit, has been set out by leading property companies in a series of recommendations aimed at the Government, the Mayor of London and local leaders.
The Westminster Property Association and the City Property Association, who represent more than 420 major property owners, developers, investors and advisors, have published a 52 point manifesto for growth which warns that any major new tax and planning could adversely impact business and deter investment as companies grapple with the complexities of adapting to a post EU economy.
The report calls for London to be at the heart of the Brexit negotiations to ensure that its interests are understood, accepted and promoted by the UK negotiating team and adds that there needs to be a plan for providing the homes that London needs and the modern workspaces for its businesses.
The associations, which count five FTSE100 and nine FTSE250 companies among its members, ask that decisions on Brexit are made and announced as quickly as possible to reduce the dangers of uncertainty.
Among the decisions it is looking for from the Brexit negotiations are an immigration policy that gives access to global talent, continuing passporting rights for financial services and legal equivalence with the EU for financial and insurance activities.
The associations also state that the decision to leave the EU means that ongoing investment in the capital’s infrastructure, housing and workspaces to accommodate its growing population must be accelerated.
‘There are clearly challenges ahead, as well as opportunities, and to face these the country needs to unite and work together in the national interest. That means sharing knowledge and opportunities, making the most of the strengths of each city region and forging stronger links,’ said James Cooksey, the chairman of Westminster Property Association.
‘Brexit also brings into sharper focus the need to continue investment in London if it’s to remain the pre-eminent global city. Therefore our recommendations on increasing housing supply, employment space and infrastructure delivery are critically important,’ he added.
The associations have also called for further devolution of powers in the capital in order to give the Mayor of London and councils greater say over their finances and allow them the flexibility to invest in their local areas.
‘London runs a trade surplus with the rest of the world. It creates 23% of the UK’s GDP and contributes 30% of the total tax revenue. It is therefore imperative that the capital’s importance to the UK economy is recognised as we negotiate our post-Brexit position in the world,’ said Mark Ridley, president of the City Property Association.
‘It should also have a greater say on how it invests the money it raises, allowing for greater accountability locally. A strong London is good for the country, just as strong regions are good for us all, and our members are four square behind the principle that through better collaboration and coordination, we can ensure success is more widely spread than ever before,’ he pointed out.
