The Autumn Budget financial package presented by the Chancellor has shown some implications for the UK Construction Sector. With capital investment receiving £100 billion and then £5 billion for housing, it shows the infrastructural growth that is looking to be achieved, including more sustainability within the new houses being added. With the lack of workers and high demand, this is proving to be a challenge in the industry.
With a goal of housing development and affordability, the Autumn Budget is placed to expand affordable housing and social housing. With the expansion and demand, it is directed to improve the sustainability of homes while boosting the planning capacity to make homes more economical. Again, this raises concerns within the Construction Sector as an increase in houses means a higher demand from us with a lack of workers for current demands. It is said that over £5 million in housing investments targets affordability and supply within the Construction Sector.
When looking at the infrastructure, green construction and regional development within the budget, £100 billion of capital investment is being put toward major projects that include infrastructure, education, clean energy, and road maintenance in areas of the UK.
Overall, the Autumn Budget is great for economic growth and budget viability and is a bold vision. It is envisaged the result will be strong growth in the short term leading to resource challenges in the longer term, with a risk to growth if there are no further interventions to support this.
