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Property Must Move Up Business Agenda, Warns Top Economist

BIRMINGHAM-The Confederation of British Industry Conference will today hear a call from Roger Bootle--ex-chief economist at HSBC--to take property issues more seriously.

By Graham Parker | Updated on November 05, 2001

BIRMINGHAM-The Confederation of British Industry Conference in Birmingham today will be told that executives risk harming their businesses by ignoring the impact of property issues. In a speech to a conference session hosted by the Royal Institution of Chartered Surveyors, Roger Bootle–ex chief economist at HSBC and advisor to HM Treasury–will say that many businesses only think about property when a downturn approaches. By this time it may be too late.

Bootle points out that property represents 17% of the UK’s national tangible assets at £500 billion ($760 billion). Yet many major companies have not discussed property at board level for three years, while tax and legal strategy receive more attention. However he says that British business property is much more highly taxed compared with the UK’s main trading partners including the US, Germany and France. The annual tax take from property in the UK is £15 billion, or 1.8% of GDP, compared with just 0.3% in Germany.

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