Lobbyists for big business are urging the government to think again about securing the future of the National Infrastructure Commission as a statutory body. Above: Chancellor Philip Hammond tells the Conservatiove Party conference why the NIC matters In May the government announced plans for legislation to establish the National Infrastructure Commission (NIC) on a statutory basis. When the legislation was published last month, all mention of the NIC had simply disappeared. What was going to have been a Neighbourhood Planning and Infrastructure Bill had become simply the Neighbourhood Planning Bill. The conclusion drawn was that the NIC had fallen victim to the change in occupants in numbers 10 and 11 Downing Street. Supporters of the idea of a National Infrastructure Commission think it will help remove the political uncertainty that dogs decisions to build big projects. Chancellor of the exchequer Philip Hammond told the Conservative Party conference earlier this month that the NIC remains important to the government but he made no mention about its statutory status. In his speech he said: “Ensuring we have world class infrastructure is vital to maintaining our competitiveness but it is a very long-term agenda. One that can be, and often has been, knocked off course by short-term political considerations. That’s why we announced the National Infrastructure Commission. To define independently the nation’s long-term infrastructure needs, to prioritise and plan, to test value for money, to ensure that every penny spent on infrastructure is properly targeted to deliver maximum benefit. And today I recommit to putting the commission at the very heart of our plans to renew and expand Britain’s infrastructure. Making sure that it is long-term economics not short-term politics that drives Britain’s vital infrastructure investment.” However, for some business lobby interests, this does not go far enough. They are keen to see the NIC’s role and independence enshrined in legislation, like that enjoyed by the Office for Budget Responsibility. The leaders of the Confederation of British Industry, the British Chambers of Commerce, London First and the Infrastructure Forum Advisory Council have written an open letter to Philip Hammond calling for legislation. It reads:   Dear Chancellor, We are writing to express our concern at the surprise decision of the government to drop plans to legislate to establish the National Infrastructure Commission as a statutory body. The government said in January that “the Commission’s legal form will be central to ensuring its independence and credibility”. We agree. The ultimate purpose of the Commission is to provide a stable vision of the UK’s infrastructure needs over the long term, well beyond the period in office of this government or the next.  Just as the OBR [Office for Budget Responsibility] needs statutory protection to ensure that it is properly independent of government and properly accountable to the public with the sanction of parliament, so does the commission. The overwhelming response of the government’s extensive consultation was in favour of it becoming a statutory body, and its National Infrastructure Assessment being required to be laid before and voted on by parliament. We ask the government to reconsider and introduce the bill promised in the Queen’s Speech in the next parliamentary session. With all good wishes,  Richard Threlfall, chairman, The Infrastructure Forum Advisory Council Dr Adam Marshall, acting director general, British Chambers of Commerce Carolyn Fairbairn, director general, Confederation of British Industry John Dickie, director of strategy & policy, London First         This article was published on 11 Oct 2016 (last updated on 11 Oct 2016). Source link

According to a new report from Plentific.com, 35% of UK homeowners have regretted the results of a DIY project and wish that they had called in a professional to handle it. Since the UK voted for Brexit, the property ladder has remained unsteady. As a consequence, home improvements have become the more attractive option for homeowners, rather than uprooting and moving on. Depending on the size of the project, many attempt the work unsupervised in an effort to save money. However, according to Plentific’s statistics, 1 in 3 find their results less than pleasing, and in retrospect, would have chosen to hire a specialist instead. Could this mean the demand for trade professionals can only continue to grow?   The younger generation struggle most with DIY, as half (48%) of those aged 18-34 said they have regretted their past results. This high percentage may be down to them being relatively fresh on the property ladder and having yet to gain the relevant experience in DIY. It seems 18-34 year olds would save time, effort and enjoy a more pleasing end result by hiring in a specialist. Interestingly, Plentific’s research found that Norwich (45%) and Newcastle (47%) have the highest percentage of homeowners regretting DIY projects in the UK, wishing that they had hired in a trade professional instead. Meanwhile, in the capital there are plenty of regretful DIY projects as 40% of London homeowners wish they had contacted a specialist instead. The majority of London homeowners admit that this has happened on more than two occasions, perhaps suggesting that the higher priced services in the capital are encouraging homeowners to resort to DIY solutions more often than they should. The city of Manchester has the highest rate of satisfactory DIY experiences, with 77% of homeowners never having an issue with their results. These stats show the variation of skills across the UK, and stress that despite certain cities being more DIY inclined, there is a demand for trade professionals nationwide.  Stephen Jury, spokesperson for Plentific, said: “Cases of regretful DIY projects are not unheard of, however these new statistics from Plentific show just how often they occur. It’s interesting to see that half of the young homeowners have DIY regrets. In this current digital world, these statistics could highlight the lack of DIY knowledge in younger homeowners, and emphasise their lack of confidence when carrying out projects which their parents may have more success with.   Whilst struggling with DIY can lead to disappointing results, hiring in the wrong trade professional is just as likely to cause regret. Some homeowners have great difficulty in finding the best specialist for the job. We verify our trade professionals and ensure that projects booked through Plentific are completed to the highest standard with the Plentific Guarantee.” Join our mailing list: Source link

UK landlords remain Bullish admidst Brexit aftermath People will still need somewhere to live. Demand will not change BDRC Continental ran a special post referendum survey to take the pulse of Britain’s private landlords in the immediate aftermath of the UK’s decision to leave the EU and found that despite two thirds of UK landlords feeling uncertain or worried about a negative impact on the Private Rental Sector, they remain bullish about their own fate. According to the report, 65% of landlords are unsure or concerned about a negative impact on the private rental sector post Brexit verdict. In the wake of the UK’s decision to leave the EU, 40% of landlords believe that the result will have a negative effect on the private rental sector, with a quarter (25%) saying they are uncertain what the impact will be. Comments like those below are typical: “It’s difficult to plan to expand the business in a period of economic turmoil and uncertainty – not knowing how or what changes will occur with costs of borrowing, taxation, availability of labour in the building trades etc.” Economic fears may fuel negative sector predictions for BTL landlords Of those landlords who fear Brexit will result in a downturn in their sector, over four in 10 (42%) have a Buy-To-Let (BTL) mortgage – pointing to the potential economic worries associated with leaving the EU. “Less EU residents means less tenants overall, so there will be more empty properties and it will take longer to find new tenants. I also think interest rates will rise so mortgage costs will increase.” “My rental tenants are EU migrants, so depending on the outcome of the agreement negotiated with the EU, I could lose out on excellent tenants. I anticipate house prices decreasing which may put my rental into negative equity.” “The EU referendum has affected the financial markets. If this continues, it will affect interest rates, which for those buying on a mortgage is scary. I am fortunate as I have no mortgage, but unstable financial markets affect the whole economy.” Nevertheless, private landlords are bullish about their own fate Nearly half (43%) of landlords say the UK’s EU exit will have no impact on their own lettings business. However, the majority (53%) of those landlords do not have a BTL mortgage. “People will still need somewhere to live. Demand will not change.” “Reduced immigration will reduce the demand for rental properties, although I continue to expect demand to outstrip supply which allows the sector to be healthy.” Mark Long, Director at BDRC Continental, commented: “These early findings in the days immediately following the UK’s decision to leave the EU paint an interesting but mixed picture for private landlords. Attitudes and future intentions vary widely, with an underlying current that the only certainty is that there is no certainty. Some of the key factors that will determine how private landlords weather the storm include their exposure to EU residents and the extent to which they have strong underlying profitability across their lettings portfolios to adapt to the evolving financial landscape. The next quarterly landlord’s panel results in early August will provide further insights on the sentiment among the UK’s private landlords on whom much of the population relies for good quality housing.” Source link