The Royal Institution Of Chartered Surveyors (RICS) has called on the UK construction sector to adopt globally recognised industry standards.

The organisation's new paper, 'Attracting Infrastructure Investment Through International Standards', sets out the case for using International Construction Measurement Standards (ICMS) to attract private investment in infrastructure projects. It was launched at the Labour Party conference in Brighton at an event attended by Shadow Housing Minister Tony Lloyd today, 25 September.

Arup, Arcadis, Gardiner and Theobold, Faithful+Gould, Turner & Townsend and Gleeds are among leading organisations publically announcing their support for ICMS by registering as ICMS “Partners” committing to its future use.

With investment in the UK's infrastructure set to fall from to 1.4% of GDP by 2020 – from 3.2% in 2010 – RICS states the private sector has a "critical role to play" in updating and delivering new infrastructure.

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Alan Muse, RICS Global Director of Built Environment, said: "The UK is ranked 24th globally for infrastructure, and a steady investment pipeline is critical to ensuring that infrastructure is adequately supported and evolves to meet the needs of 21st century Britain.

"This paper clearly shows the benefits of adopting international standards and lays out constructive steps that can be taken to secure investment and ensure the UK remains an attractive option as Brexit negotiations continue.

"Coming in the wake of the Institute for Government's report last week which argued that, with infrastructure investment set to hit £250bn in the next five years, the government ‘cannot afford expensive mistakes and costly delays', there is a clear need for global standards which will help manage costs while delivering clarity and certainty.

"RICS is ready to work with government, lenders and industry to develop and deliver these new international standards, which will ultimately unlock the private finance needed to help infrastructure thrive."

Mo Rahee, RICS Infrastructure Policy Manager, added: "Like the International Financial Reporting Standard, the International Construction Measurement Standard provides a level of certainty - through transparency - to investors.

"Effective and accurate reporting of capital expenditure can only benefit the construction sector by providing investors with accurate information that inform their investment decision process."

(LM/MH)