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20th March 2013
Construction is a bright spot in tough Budget.
While public sector spending is being tightened as the Government presses on with its deficit reduction plans, Chancellor is diverting planned expenditure toward capital spending. Discouragingly the promised extra £3 billion a year of capital funding will not be available until the 2015/16 financial year which coincides with the next General Election in May 2015. As was witnessed with the Building Schools for the Future programme a change in administration can lead to a change in spending priorities. This is especially disappointing given that the industry has been looking for the rapid deployment of ‘shovel ready’ schemes.
In contrast the additional support unveiled for the housing market should provide a more immediate lift to the industry’s fortunes and to the UK economy. The Help to Buy programme promises additional support for house purchasers that should boost housing market turnover and new house construction. In addition five-fold expansion of the Build to Rent programme to £1 billion should also help to drive new housing activity and draw in institutional investors into the housing sector.
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