The UK construction industry could be missing out on £10bn-worth of business due to its poor image, according to the Federation of Master Builders (FMB).

In an attempt to restore the sector’s reputation in the eyes of the public the FMB has joined forces with 10 other industry groups to develop a mandatory licensing scheme for UK construction companies which it said would “transform the sector into a high quality and professional industry”.

A new Construction Licensing Task Force, headed by former British Property Federation boss Liz Peace, will map out the licensing scheme.