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RICS Responds to the Result of the EU Referendum

Building & Construction

The result of the referendum draws a line under the campaigns of the last few months. The British people have decided that the UK should leave the EU. There now follows a vote in Parliament, and a detailed negotiation for the UK’s exit.

 

Whatever their previous political differences, Ministers must now focus on providing a stable government. The Prime Minister has pledged to "steady the ship" before stepping down, and the resulting leadership race should not distract from working towards an orderly transition.

Uncertainty over the renegotiation and the UK’s future relationship with the EU must be minimised by laying out a clear timeline and set of ambitions. The Chancellor’s proposed "Brexit Budget" must be careful to reassure property markets. First Ministers in the devolved nations are expected to play their part in providing this reassurance.

There are questions around the impact on access to a skilled workforce to meet the country’s construction and infrastructure needs. We need reassurance that
workforce migration will be addressed as a priority and it must not be allowed to impact on the attractiveness of the UK for investment, or as a place where
major corporate and industrial occupiers want to do business.

Given their role in the economy, property and construction require stability, clarity and certainty. With regards to our relationship with the EU, we need to ensure that investment into UK property and infrastructure continues. While Whitehall focuses energies into the exit negotiation, Britain must meet the housing supply and infrastructure challenges it continues to face. Projects or property transactions which were delayed, shelved or postponed due to the uncertainty surrounding the referendum must be given the confidence and security to begin to move again.

What this means for Scotland

First Ministers in the devolved nations are expected to play their part in providing reassurance. Therefore, despite talk of a future referendum for Scotland, we must adopt a collaborative UK approach when detailing the strategy for the UK’s exit.