{"id":146177,"date":"2024-11-26T10:39:18","date_gmt":"2024-11-26T10:39:18","guid":{"rendered":"https:\/\/www.pbctoday.co.uk\/news\/?p=146177"},"modified":"2024-11-26T10:39:18","modified_gmt":"2024-11-26T10:39:18","slug":"bpf-calls-property-growth-focus-invest-2035","status":"publish","type":"post","link":"https:\/\/www.pbctoday.co.uk\/news\/planning-construction-news\/bpf-calls-property-growth-focus-invest-2035\/146177\/","title":{"rendered":"BPF calls for Invest 2035 paper to focus on property growth"},"content":{"rendered":"

The British Property Federation<\/a> has sent a submission to the new industrial strategy green paper, Invest 2035<\/a>, highlighting the importance that the property sector plays in the UK economy<\/h2>\n

The submission to Invest 2035<\/a> argues that growth can only be delivered if the property sector is properly recognised and accommodated.<\/p>\n

The BPF highlights the property sector\u2019s critical role in providing buildings for family homes, workplaces, and communities.<\/p>\n

The BPF calls for an integrated approach in Invest 2035<\/h3>\n

The submission suggests a link between the industrial strategy and a multi-tenure housing strategy, further linking the delivery of infrastructure such as energy and climate-resilience measures.<\/p>\n

This approach would stimulate investment in the property sector, linking planning reform with other major growth strategies, including housing and infrastructure.<\/p>\n

The submission results from a consultation response on the modern industrial strategy green paper, which closed on 24 November. In it, the BPF offered the full support of the UK property sector.<\/p>\n

They said that \u201cthe right buildings in the right locations with the right supporting infrastructure, including homes, are the foundation of economic activity, and growth cannot be delivered unless the industrial strategy reflects this.\u201d<\/p>\n

Furthermore, they underlined the fact that property contributes \u00a3110bn GVA to the UK economy every year, more than 5% of the total, and supports 2.5m jobs, underpinning a lot of economic activity.<\/p>\n

The property sector supports a lot of other high-growth sectors<\/h3>\n

The BPF show that many high-growth sectors are heavily supported by the property sector, including life sciences, professional and financial services, and advanced manufacturing.<\/p>\n

Despite being a world leader in RDI in life sciences, for example, the country is not fully capitalising on this position, due to a lack of new laboratories, \u201cscale-up\u201d facilities, and infrastructure.<\/p>\n

Logistics is another avenue in which the BPF emphasises the importance of property, as developers and owners provide warehouse space for manufacturing, creative industries, and data centres that are crucial to the financial, professional, and business sectors.<\/p>\n

As such, the BPF makes clear that they feel Invest 2035 will only be effective with an integrated approach, including industrial strategy housing delivery, devolution, taxation policy, and new infrastructure delivery for energy generation and connectivity, along with planning reforms removing barriers to development opportunities.<\/p>\n

Melanie Leech, chief executive, British Property Federation, said: \u201cThe property sector underpins every part of our lives and businesses cannot grow and drive a strong economy unless they have fit-for-purpose modern facilities and the workers they rely on can find homes for their families.<\/p>\n

There are billions of pounds potentially available to invest in UK property of all types \u2013 from state-of-the-art research facilities to high value manufacturing to new homes, and we call on the Government to work with us to unlock this investment to deliver Invest 2035 and thriving communities across the country.\u201d<\/p>\n

Invest 2035 intends to propel the UK forward<\/h3>\n

The new industrial strategy has identified three key strengths that provide an opportunity for the country to attract investment:<\/p>\n