The UK Construction sector is a significant contributor to UK economy, employing over 3.1 million people and accounting for over 7% of the UK’s annual GDP. After several months of government-imposed restrictions, many will welcome the announcement of Project Speed, a nationwide plan to accelerate construction projects for schools, hospitals, prisons, housing and road networks. The programme thus far encompasses several initiatives, including:
Combined with the plans set out in the Roadmap to Recovery by the Construction Leadership Council (https://www.constructionleadershipcouncil.co.uk/wp-content/uploads/2020/06/CLC-Roadmap-to-Recovery-01.06.20.pdf ) early this month there is a clear urgency to re-open the UK economy. It is expected that the announcement of these construction projects (I hope) will lead to the creation of long term economic benefits, be that delivering valuable jobs or upgraded facilities for communities that need it the most. Like many, I am eagerly awaiting the Government’s announcement tomorrow as the country the roadmap of igniting the of the UK economy is steadily revealed.
Keynes suggested these huge building programmes to lift economies out of depression. It worked with the Hoover dam. After years of monetarism we are seeing a paradigm shift to investment by government. We have in effect had cash dropped in by helicopter, and whole industries underwritten.
Construction and the allied industries should be in for a boost. So if you are in this space do talk to us to ensure you have the best funding in place, opportunity may well knock.
Johnson also pledged more spending on hospitals, schools, housing developments and “shovel-ready” road and rail infrastructure projects to help the recovery from the coronavirus crisis.