Construction made the news again earlier this month, albeit indirectly, when Donald Trump’s US administration put a 25% tariff on imported steel. The impact is not so much that this will adversely affect UK steel exporters to the US – although it will – but that there will be a global fall in the price of steel as everyone outside the US looks to find new markets for their overproduction.

The other main news was that in Italy a populist government has been sworn in – hot on the heels of the increased majority for right-wing Hungarian prime minister Viktor Orbán, and following on from the UK Brexit vote. What these events all show is a move towards a more insular and polarised approach to governance, and as a consequence to trade. In the UK the Industrial Strategy focuses on local wealth creation and employment, and many local authorities have adopted regional procurement strategies for materials and labour. Meanwhile, overexposure to high-risk foreign markets was a clear contributor to Carillion’s demise.

Are we seeing a “blip” in the global free-trade capitalism that we have worked in for as long as I can remember, or are we witnessing the emergence of a new world order? Either way, what does this mean for construction and property companies that have been pursuing a global agenda for such a long time? How will it play out with the multinational companies that form our international client base, and will this lead to more jobs for local people or nudge us towards a global trade war, a political stand-off and yet more economic uncertainty?

…