The City and Westminster property associations have warned government that London must “up it game” and 
respond with “urgency and boldness” to mitigate risk and competition following Britain’s decision to leave the European Union.
The 420-member associations, which count five FTSE100 and nine FTSE250 companies among their members, ask that decisions on Brexit are made and announced as quickly as possible to reduce the dangers of uncertainty.
They also call for collaboration between leaders and the property industry across UK cities through a government-backed “cities network”.
In the 52-point manifesto for growth post Brexit, the associations call for a “five pillars of growth” strategy highlighting the policies they believe are essential to ensuring London’s continued growth against increased global competition.
Decisions the associations are looking for from the Brexit negotiations include:
- An immigration policy that gives access to global talent
- Continuing passporting rights for financial services
- Legal equivalence with the EU for financial and insurance activities
The manifesto highlights the contribution London property makes to the UK economy and asks for non-essential policy announcements around taxation and planning which could negatively impact business to be held back during the negotiation period.
Central London office development alone contributes £17.7bn GVA to the country and supports 295,300 jobs a year, 85,500 of which are outside London, according to the report.
Mark Ridley, president of the City Property Association and commercial director at Stanhope, said: “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.”
The five pillars of growth set out in the manifesto are:
- UK Collaboration: Aid the London property sector to work with counterparts across UK cities to increase collaboration, share knowledge and promote a greater understanding.
- London’s Role: Put London at the heart of the Brexit negotiations to ensure that its interests are understood, accepted and promoted by the UK negotiating team.
- Infrastructure and Environment: Invest in world class infrastructure and create a healthy environment for residents, employees and visitors.
- Homes and Workspaces: Provide the homes that London needs and the modern workspaces for its businesses.
- Future Workforce: Provide the skills needed to build London and to attract and grow businesses.
James Cooksey, chairman of the Westminster Property Association, said: “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.”
To send feedback, email louisa.clarence-smith@estatsgazette.com, or tweet @louisaclarence or @estatesgazette.
