The Chancellor’s speech was peppered with titbits for the construction sector but, collectively, his announcements equated to a reduction in the level of public sector capital investment planned between now and April 2022. Cumulative investment through to the end of 2021/22 is now set to total £445bn, against £460bn promised over the same period in the Spring Budget.
An overall reduction conceals winners and losers. Housebuilding – securing an additional £15.3bn over the next five years, bringing total support for housing during this period to at least £44bn – was the intended showstopper.
In our analysis, we summarise the key announcements relating to the construction sector and explore whether the additional funding promised to increase the number of new homes built on an annual basis could be sufficient to achieve the ambitious numbers the Government has pledged to deliver.
Please contact Kelly Forrest to obtain a copy of our Budget summary.