It is good news for those working in the construction sector.
The Chancellor of the Exchequer, Rishi Sunak MP, has set out a plan for extensive investment to ‘level up’ the UK at a time when the country needs it most.
According to UK Construction online the latest Spending Review “gives hope for many, after such an unpredictable 2020.”
We reveal the highlights from the Spending Review for construction suppliers below.
More good news for infrastructure projects
The Prime Minister announced in June 2020 that the government is investing in shovel-ready infrastructure projects to create jobs and support economic recovery across the country.
In this Spending Review, Mr Sunak announced a once in a lifetime investment in infrastructure throughout the country. The Chancellor gave details of the much anticipated National Infrastructure Strategy, which sets out the Government’s plans to ‘level up’ the country and achieve net zero emissions by 2050.
He also launched a new £4 billion Levelling Up Fund, which the UK government will invest into local infrastructure. Mr Sunak said:
“Any local area will be able to bid directly to fund local projects.
The fund will be managed jointly between the Treasury, the Department for Transport and the Ministry of Housing, Communities and Local Government – taking a new, holistic, place-based approach to the needs of local areas.
Projects must have real impact.
They must be delivered within this Parliament.
And they must command local support, including from their Member of Parliament.
This is about funding the infrastructure of everyday life:
A new bypass.
Upgraded railway stations.
More libraries, museums, and galleries.
Better high streets and town centres.”
Lastly, the Chancellor announced the creation of the new UK Infrastructure Bank, which is to be headquartered in the North of England. The UK Infrastructure Bank will work in partnership with the private sector to help finance new investment projects throughout the country in the Spring of 2021.
In response to the news, Rain Newton-Smith, CBI Chief Economist has said:
“Stark forecasts point to tough times ahead. But through his statement, the Chancellor has made some bold autumn decisions to power a Spring recovery.
“The Spending Review lays the foundations for a brighter economic future. A new National Infrastructure Bank, a multi-year settlement on R&D, and a comprehensive plan for creating jobs and renewing skills are just some of the building blocks needed to deliver on this vision. It’s right to take this opportunity to plan for tomorrow.”
The opportunities are there…
But are you making the most of them?
The construction industry is fundamental to growing the UK economy in a post-coronavirus world. To ensure that your organisation is fully aware of the opportunities available in the commercial marketplace, learn more about Tracker’s Commercial Projects tool.
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If you would like to gain access to pipeline contracts, long before they have even been tendered, contact a member of the Tracker Intelligence team for a free LIVE demo of our innovative procurement portal and market intelligence tool.