Conservative Majority

Infrastructure

Conservative Policy
To invest £100 billion in infrastructure spending which includes £4bn on flood defences.

Carter Jonas Comment
Several significant transport improvements have received commitment, including the important Northern Powerhouse Rail scheme linking Leeds with Manchester. However, the manifesto did not commit to delivering some of the UK’s more controversial projects, such as Heathrow’s third runway. Overall, a balanced approach is needed, delivering infrastructure which will enable growth across all the UK’s major economic centres over the medium-long term.

Residential Rental Market

Conservative Policy
To abolish ‘no fault’ evictions and only requiring one ‘lifetime’ deposit which moves with the tenant. Protection from revenge evictions and rogue landlords to be introduced.

Carter Jonas Comment
The Conservatives have made serious commitments to stopping rogue landlords in their tracks and have paved the way for a more affordable and fairer market for tenants. However, in doing so they have not grasped that penalising landlords further, and by failing to separate the rogue investors from the reputable, may only lead to less stock, higher competition and increased rents for tenants.

Economic Stability

Conservative Policy
Pledged to leave the EU in Jan 2020. Boris Johnson made a personal guarantee that he will get Brexit "done" in January 2020 if he wins a majority.

Carter Jonas Comment
Brexit continues to be one of the most significant factors impacting the UK’s commercial property market. Many of the issues flagged by business as areas of concern in 2016 remain unresolved, and whilst the level of unease has fluctuated throughout the last three years, most business occupiers continue to seek certainty. Many have delayed plans for relocation and expansion until a clear path has been established. We hope that today’s outcome will now provide a Government with a clear timetable and route forward that businesses can structure their own strategies around.

New Homes

Conservative Policy
To continue to work towards their target of 300,000 per annum.

Carter Jonas Comment
As well as the need to increase rapidly the supply of new housing, homeownership remains the primary driver of the Conservative housing strategy. However, as with the other manifestos in this election, they have been less specific on how they will deliver the target numbers of new homes proposed. 

There has been limited commentary on how best to take sites from concept phase to early delivery and occupation. Many working in the planning and development sphere agree that a fundamental problem has been the resourcing of local authorities, who need to plan and manage new development. With the Royal Town Planning Institute asserting that there has been a 42% reduction in funding for local planning authority planning teams over the last decade, delivery will likely continue to be delayed unless plans can be prepared more rapidly and the process move more quickly. There are a huge number of highly committed planners in local government and they need to be offered more resources to deliver new homes.

Both Conservative and Labour reaffirmed the importance of the Green Belt and the prioritisation of development on brownfield land. Development of the Green Belt is always a contentious issue, but given the housing numbers that need to be achieved it seems inevitable that some development will continue to take place on planned Green Belt release sites, especially in areas of highest house prices including London, Cambridge and Oxford.

Minimum Wage/zero hours

Conservative Policy
The living wage would gradually increase to £10.50 over the next six years.

Carter Jonas Comment
The proposed increase in the National Living Wage to £10.50 by 2024 represents an increase of around five per cent per annum, well above the rate of general inflation. Whilst this could provide a welcome boost to consumer spending, it will impact on business costs, and disproportionately affect sectors such as retail, leisure and healthcare.

Emissions/Environment and Agriculture

Committed to reach net zero by 2050.

Carter Jonas Comment
The farming community is poised to play its part in delivering change, both for “public benefit” and in the private sector. Farming remains in the spotlight for a myriad of reasons ranging from CO2 emissions, the use of pesticides and as a key to helping combat climate change and some of the impacts of it. It would be positive to see plans for greater education to help equip the next generation of farmers, including information on new farming technologies and nutrition as well as advancements in rural broadband connectivity which would help existing and new businesses to grow and develop in rural areas.  Many of the planned policies do appear rather light on the all-important detail.

Business Rates

Conservative Policy
To reduce tax on businesses by reducing business rates, facilitated by a fundamental review of the system. A reduction of business rates for retail businesses will take priority.

Carter Jonas Comment
Restoring the relevance of the UK’s high streets is a clear requirement and the Conservatives have focused on a reduction in business rates. However, an important point that appears not to have been stated in this debate is the importance of place making. Any high street resurgence is unlikely to mirror that of the past, in our experience the focus should be in creating a vibrant environment, which has the interests of the whole community at its core. Town centres are the heart of our communities and should include a variety of uses that serves and meets the needs of local people. This is how we will ensure that the UK’s high streets and town centres remain vibrant focal points of their local communities.