Chancellor George Osborne was urged to increase infrastructure spending ahead of the Autumn Statement, with construction industry leaders pleading with the chancellor to boost the country’s infrastructure and housing sectors.
The Confederation of British Industry (CBI) issued last-minute pleas ahead of December’s Statement, urging Osborne to outline clear plans and timescales for future infrastructure projects. The CBI also requested specific project guarantees, including various road-building projects and the Hinkley Point C nuclear power station.
The government’s National Infrastructure Plan (NIP), detailed in last year’s statement, revealed how these forthcoming infrastructure projects would take shape. As expected, the NIP was more muscular than in previous iterations – a development predicted by KPMG’s Richard Threlfall. ‘We are going to see more of an acknowledgment that a long-term infrastructure strategy is needed’ suggested Threlfall ahead of the Chancellor’s announcement.
The CBI’s concerns regarding the country’s infrastructure and housing sectors were echoed by many. It’s long been feared that recent construction industry growth has been propped up by the Help to Buy Scheme, and that ultimately this momentum will prove unsustainable. It was hope that the Autumn Statement would go some way towards assuaging these concerns and addressing the uncertain future of the construction industry.
Whether or not the NIP offers greater certainty regarding the infrastructure and housing sectors, construction industry contractors can prepare for the future with the help of construction accounting software. Contact Integrity software to find out more about our construction-specific software, and take a look at the Integrity blog for our full analysis of the Autumn Statement.