Rachel Reeves has unveiled her first Budget since taking the post of Chancellor in July. The Budget was laid to the commons in the context of much already been laid out in the press. Still, there were many commitments made by the Chancellor, including changes to tax policies worth £40bn. The construction sector has been eagerly awaiting this Budget, the first of this new government.
In the list of spending changes and commitments the Chancellor announced several changes that could help accelerate infrastructure building, including house building across the UK. Measures include £5bn worth of government investment towards housing, including affordable housing where the programme has been increased to £3.1bn. Small housebuilders too will see £3bn in support to increase the supply. Changes to the planning rules were again stated as a measure to help achieve the 1.5 million homes building target.
Other measures on infrastructure were mentioned, including on the commitment to HS2 tunnelling works to Euston but no announcement of a more northwards revival of the route.
Ultimately, the reaction by the industry has been mixed so far. The government has received some praise by the Chief Executive of The Hill Group regarding a positive start, but they still have some concerns. The same with the Chief Executive of Allison Homes who points out the more positive mood music, but stressed the need for more clarity on planning reforms. Also, the increase on NI for employers may put some financial pressures on some businesses. Fire safety however should never be sacrificed. The legal penalties are rightfully strong, and training and risk planning is there to save life’s and protect company assets.
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