Party of the builders: reflections from the Labour conference

COMMENT It would be difficult not to greet the Labour Party’s commitment to be the party of the builders, made repeatedly for four days in Liverpool, with a mixture of hope and a tinge of sceptical pragmatism. As a sector, we are no stranger to politicians promising to get Britain building before rowing back in the face of fierce opposition. But listening in Liverpool, it was hard not to walk away thinking this party is serious. The mood music coming out of the shadow front bench, particularly those with business-facing portfolios, has become increasingly credible. This was Rachel Reeves’ conference. It was hard not to get excited hearing her unapologetically champion infrastructure, housing and reforms to the planning system as central pillars of her long-term strategy to bolster the UK economy. If the shadow chancellor had made the short walk to our panel discussion in the Liverpool Hilton, she would have found a panel of senior real estate professionals singing from a very similar hymn sheet. Shared ambition Joining me to discuss the role regeneration can play in supporting growth and prosperity was Mark Allan from Landsec, professor Sadie Morgan, Olaide Oboh from Socius and Nick Small, cabinet member for growth and the economy at Liverpool City Council. What came through in our discussion was the ambition of all organisations to invest in the UK and boost economic and social outcomes for the communities they work with. Frustrating this desire to create places for people to live, work and enjoy were those very issues the shadow chancellor identified. Specifically, an overly bureaucratic, chronically underfunded planning system, allied to a cultural aversion to risk that is threatening to regulate investment away from the UK. A failure to follow through on large infrastructure projects similarly does nothing to improve confidence. What struck me most is that just as Labour seems to have been on a journey, so has the real estate sector. In years past, shadow ministers may have been forgiven for assuming that issues like creating social value, conducting considered community engagement, or being open and honest about the trade-offs involved in development would be glossed over. But this is today’s real estate sector. My hope is that, just as we are listening to, and engaging with, this revived Labour Party, it is also learning how valuable a partner our sector can be. Taking a risk I would suggest that however compelling a fringe session may be, the best way to come to this conclusion would be for the party to look at Liverpool’s waterfront. En route to the conference arena, the Albert Docks, the Tate and Liverpool One all show what local leadership and the real estate sector can achieve together. Liverpool One by itself has added more than £4bn to the local economy since opening, sustains some 4,000 jobs a year and has contributed £2.2bn in local and national taxation over the past 15 years. This is what long-term placemaking can achieve. This didn’t come without compromises, a willingness to take risks, or a need to hold our nerve and see through a long-term commitment to the area. We believed in what we were creating and the impact it could have. As an industry, we know we can deliver. Should Labour win the next election, we can only hope that its pragmatic messaging about addressing the blockers to economic growth and productivity will become a reality. James Raynor is chief executive at Grosvenor Property UK Image © Grosvenor