The UK has many challenges ahead, but near the top of the list of priorities should be growing the City of London and Westminster post-Brexit.
As the pre-eminent global city, a lot of what it offers is irreplaceable and no European city can match it. Although a small (we hope) number of companies and people will relocate away from London, the city will fill those gaps and create more business.
The future success of growing the city of London and Westminster post-Brexit will be the continuation and acceleration of investment in the city of London’s (and Westminster’s) infrastructure.
To help guide the Mayor, the government and local leaders, the City and Westminster Property associations have produced ‘The manifesto for growth’. The aim, they say, is to keep London competitive post-Brexit.
The two associations represent 420 large property owners, developers, investors and advisors in the City and Westminster. Five are FTSE100 companies and nine are FTSE250 companies—so a powerful group.
The five pillars of growth set out in the manifesto are:
- Pillar 1—UK Collaboration: Aid the London property sector to work with counterparts across UK cities to increase collaboration, share knowledge and promote a greater understanding.
- Pillar 2—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.
- Pillar 3—Infrastructure and Environment: Invest in world class infrastructure and create a healthy environment for residents, employees and visitors.
- Pillar 4—Homes and Workspaces: Provide the homes that London needs and the modern workspaces for its businesses.
- Pillar 5—Future Workforce: Provide the skills needed to build London and to attract and grow businesses.
It goes on to emphasise that to keep its competitiveness:
London’s standing as a technology capital cannot be undermined by pockets of poor broadband connectivity.
Stronger regulation is needed to sanction underperforming utility companies.
A greater effort on controlling environment issues, such as harmful emissions, and the promotion of sustainable growth.
Investment in infrastructure and initiatives is needed to create a 24-hour city with improved links.
The bringing forward of the timetable for Crossrail 2 during this Parliament.
Support for affordable housing in the private rental sector with the maximising of new developments around transport hubs.
Training incentives, especially in the construction sector.
A flexible immigration policy for the city of London’s key industries to recruit qualified people.
As the WPA stress, growing the City of London and Westminster Post-Brexit is of paramount importance to the success of the whole of the UK, and a clear plan from Whitehall, city hall and the various boroughs has never been more important to have in place.
You can read the complete manifesto here: Manifesto for Growth Post-Brexit
The Westminster Property Association acts as the voice of property in London, representing 250 members. The WPA recognises London’s built environment as a major driver within the economy for Britain, and promotes property development as key to London’s success.
Learn more at westminsterpropertyassociation.com
Further reading: THE CHALLENGES FACING THE EUROPEAN UNION IN 2017