No sooner did I start work as chief executive of the British Property Federation three weeks ago than Westminster fired the starting gun on what’s set to be the longest and least-predictable general election campaign in living memory.
Not only is this campaign too close to call but it’s one where property, and particularly housing, is centre stage. It will also be fought against an exceptionally challenging backdrop of increasing globalisation and global economic uncertainty, of growing pressure to use resources more efficiently and sustainably, ever greater demands to see power devolved from Westminster and unprecedented technological change – themes that I am sure will define much of our work throughout the year.
The expectations of business to demonstrate its willingness to work in partnership with politicians as agents of not only economic but also social benefits is also likely to be a recurring theme pre- and post-election.
As civil servants turn their attention to analysing and preparing advice on implementing the emerging policies of the major parties, the role of the BPF as a trusted yet critical friend to Whitehall and Westminster will never be more important as we make the case for real estate, and we are well-placed to do so thanks to the passion and expertise of our members and executive team.
I have seen enough of the property industry already to know that it has a compelling story to tell. Investing in property is integral to the success of the UK, and harnessing the power of the industry will be vital for the next government, no matter what its makeup, if it is to meet our aspirations as a country and the challenges that we face.
Investment in real estate will be crucial to boost the recovery, to give businesses – our customers – space to grow, to deliver new homes and regenerate our towns and cities. And it can do a huge amount to meet the UK’s infrastructure challenge, from roads and rail to social housing and healthcare, and to future-proof the economy from financial and environmental shocks. And of course it shapes the environment in which we all live.
Some of this requires brave policy making – the finer points of business rates are sorely testing in their complexity, as I can already attest! But significant change will be vital if we are to create a system of business taxation that is fit for the 21st century. Similarly council tax reform, the mere mention of which brings MPs of all parties out in hives, is a nettle that must be grasped.
Given all this, it is hard to think of a more exciting, and demanding, time to join the property industry. I will enjoy speaking with as many of you as possible in the coming months to find out exactly what it is that makes property people tick.
I have no doubt that whatever the year may hold it will be packed with challenges and opportunities, but ones which we I believe we can meet head on, together, and with a great deal of confidence.
I very much look forward to facing them with you.
Melanie Leech is chief executive of the British Property Federation
