Property professionals essential players in UK economy (UK)

The high ethical standards and professional competence of Chartered Surveyors are a vital element in the future competitiveness of UK PLC, says a report published yesterday (16 March 2009).

The report, published by the Professional Services Global Competitiveness Group - commissioned by HM Treasury - has concluded that the strong, global reputation of UK property professionals will not only play a vital role in ensuring that the UK economy emerges successfully from the current downturn, but will also be essential to sustained prosperity in the longer term. The Group, established by Chancellor Alastair Darling and chaired by City Minister Lord Myners and former Policy and Resources Committee Chairman at the Corporation of London, Sir Michael Snyder, welcomed RICS' significant efforts in promoting and developing the profession around the world.

Among the Group's findings and recommendations for the land, property and construction sector are:

1) the Group recommends that the Government work with RICS to promote UK professionalism in the field of international valuation standards as best practice, in the interests of future global financial stability;
2) the planning system would benefit from more, and better qualified, recognized and rewarded planners in local government. Increasing the number of planning-related university courses and bringing experienced planning officers back from the private sector would help;
3) there is a strong need to develop better understanding of the value of professional, strategic asset management among businesses, for example by including a property element in business education;
The report highlights the global reach of RICS members, and the confidence that their reputation for excellence and integrity inspires in potential investors in the UK, emphasizing RICS' leading role in developing international valuation standards and norms of measurement in construction.

RICS President Peter Goodacre, speaking at the launch of the report alongside the joint chairmen, said: "As well as recognizing the major role of the land, property and construction sector in the economy, the report emphasizes the reputation for excellence and integrity of our professionals, which is such a distinctive feature of the UK brand. I welcome the Group as an encouraging new interface between the Government and the professions, which I hope will continue."

Source: RICS

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