Devolution and the political representation of business interests in the UK

The devolution of political power in Scotland, Wales and Northern Ireland and the developing regional agenda in England are widely read as a significant reconfiguration of the institutions and scales of economic governance. The process is furthest developed in Scotland while Wales and Northern Ireland, in their own distinct ways, provide intermediate cases. Devolution is least developed in England where regional political identities are generally weak and the historical legacy of regional institutions is limited. Within the overall context of devolution government policy has continued to emphasize partnership forms of. governance. Accordingly, the political representation of business interests has a particular salience in the new arrangements. This paper reports on findings from a study designed to examine the relationship between devolution and changes in the political representation of business interests in the territories and regions of the UK. It highlights a number of changes in the nature and extent of business representation. While some of these are significant the evidence suggests that they fail to mark a fundamental shift in the institutional foundation for sub-national business interest representation in the UK. Indeed the political geography of business representation remains dominated by an overarching centralism that is likely to provide a significant check on the further devolution of political power and democratic authority. (c) 2004 Elsevier Ltd. All rights reserved.

Devolution and the political representation of business interests in the UK

The devolution of political power in Scotland, Wales and Northern Ireland and the developing regional agenda in England are widely read as a significant reconfiguration of the institutions and scales of economic governance. The process is furthest developed in Scotland while Wales and Northern Ireland, in their own distinct ways, provide intermediate cases. Devolution is least developed in England where regional political identities are generally weak and the historical legacy of regional institutions is limited. Within the overall context of devolution government policy has continued to emphasize partnership forms of. governance. Accordingly, the political representation of business interests has a particular salience in the new arrangements. This paper reports on findings from a study designed to examine the relationship between devolution and changes in the political representation of business interests in the territories and regions of the UK. It highlights a number of changes in the nature and extent of business representation. While some of these are significant the evidence suggests that they fail to mark a fundamental shift in the institutional foundation for sub-national business interest representation in the UK. Indeed the political geography of business representation remains dominated by an overarching centralism that is likely to provide a significant check on the further devolution of political power and democratic authority. (c) 2004 Elsevier Ltd. All rights reserved.

Built environment education, research and practice: integrating diverse interests to make an impact

The role of the academic in the built environment seems generally to be not well understood or articulated. While this problem is not unique to our field, there are plenty of examples in a wide range of academic disciplines where the academic role has been fully articulated. But built environment academics have tended not to look beyond their own literature and their own vocational context in trying to give meaning to their academic work. The purpose of this keynote presentation is to explore the context of academic work generally and the connections between education, research and practice in the built environment, specifically. By drawing on ideas from the sociology of the professions, the role of universities, and the fundamentals of social science research, a case is made that helps to explain the kind of problems that routinely obstruct academic progress in our field. This discussion reveals that while there are likely to be great weaknesses in much of what is published and taught in the built environment, it is not too great a stretch to provide a more robust understanding and a good basis for developing our field in a way that would enable us collectively to make a major contribution to theory-building, theory-testing and to make a good stab at tackling some of the problems facing society at large. There is no reason to disregard the fundamental academic disciplines that underpin our knowledge of the built environment. If we contextualise our work in these more fundamental disciplines, there is every reason to think that we can have a much greater impact that we have experienced to date.

Private property vehicles: the valuation of interests in limited partnerships

This paper examines the extent to which the valuation of partial interests in private property vehicles should be closely aligned to the valuation of the underlying assets. A sample of vehicle managers and investors replied to a questionnaire on the qualities of private property vehicles relative to direct property investment. Applying the Analytic Hierarchy Process (AHP) technique the relative importance of the various advantages and disadvantages of investment in private property vehicles relative to acquisition of the underlying assets are assessed. The results suggest that the main drivers of the growth of the this sector have been the ability for certain categories of investor to acquire interests in assets that are normally inaccessible due to the amount of specific risk. Additionally, investors have been attracted by the ability to ‘outsource’ asset management in a manner that minimises perceived agency problems. It is concluded that deviations from NAV should be expected given that investment in private property vehicles differs from investment in the underlying assets in terms of liquidity, management structures, lot size, financial structure inter alia. However, reliably appraising the pricing implications of these variations is likely to be extremely difficult due to the lack of secondary market trading and vehicle heterogeneity.

Incorporation of different and changing client interests in the course of a project

There is a widespread assumption that clients’ expectations should be accommodated during a building project. However, there may be conflicting expectations within a client organization and these may change over time in the course of a project. Actor-Network Theory (ANT) is used to study the incorporation of client expectations into the on-going development of a building project. To illustrate this, negotiations over a particular decision, namely the location of a building on one university campus was analysed. Negotiations went through a number of stages, involving a master plan architect, members of the public, campus maps and the Vice Chancellor. An ANT analysis helped to trace diverse actors' interests in a series of discussions and how these interests conflict with each other as one option was chosen over another. The analysis revealed new client interests in each negotiation process. Also, the prioritisation of client interests changed over time. The documentation of diverse and dynamic client interests especially contributes to the understanding of how some client interests fail to be incorporated in decision-making processes

Tracing client interests in the course of a project: why are some client interests incorporated whereas others are not?

Many construction professionals and policy-makers would agree that client expectations should be accommodated during a building project. However, this aspiration is not easy to deal with as there may be conflicting interests within a client organization and these may change over time in the course of a project. This research asks why some client interests, and not others, are incorporated into the development of a building project. Actor-Network Theory (ANT) is used to study a single building project on a University campus. The building project is analysed as a number of discussions and negotiations, in which actors persuade each other to choose one solution over another. The analysis traces dynamic client engagement in decision-making processes as available options became increasingly constrained. However, this relative loss of control was countered by clients who continued the control over the timing of participants' involvement, and thus the way to impose their interests even at the later stage of the project.