Monday, 24 March 2014

Key highlights for the construction industry from last week's budget

Chancellor George Osborne painted an upbeat picture of Britain’s economic prospects in his 2014 budget speech last week and much of this can be related to the improving construction industry.

There were a few things of interest and to help our industry, although a number had already been announced.

Key highlights for construction
  • The Help to Buy equity loan scheme is being extended until 2020
  • Long-planned mass housing schemes are promised for the Thames Estuary corridor at Barking Riverside north of the river and a new Garden City at Ebbsfleet to the south
“We’re going to build 15,000 homes there, put in the infrastructure, set up the development corporation and make it happen,” the chancellor said. “And we will be publishing a prospectus on the future of garden cities.”
He declared: “We’re getting Britain building.”
  • £500m of finance to be made available to small housebuilding firms
  • £270m guarantee for the Mersey Gateway Bridge
  • An extra £200m for road repairs
  • An additional £140m for repairs to damaged flood defences. Although, it seems like local authorities will find it difficult getting their share of the pothole fund
  • Legislation to give new tax and borrowing powers to the Welsh government to fund infrastructure
  • Fuel duty to be frozen for another year
Communities secretary Eric Pickles said: "This year’s budget shows how housebuilding is central to our long-term economic plan, with measures to get Britain building and support to help hard-working people realise their dream of home ownership. Today’s multi-billion package will boost housebuilding, particularly on brownfield land, create new jobs and allow up to an additional 120,000 aspiring homeowners to buy a home.
"The moves will get workers back on site across the country, including at large sites like Ebbsfleet, help smaller builders to restart work on stalled developments, and make sure people who want to build their own home can." sales recruitment for the construction industry

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