Last edited 23 Oct 2020

Budget 2020

S960 budget.jpg

On 11 March 2020, the Chancellor of the Exchequer, Rishi Sunak, presented his budget to parliament.

The budget came in the wake of the Coronavirus outbreak, and was accompanied by an emergency reduction in interest rates from 0.75% to 0.25% as part of a package of measures introduced by the Bank of England to support the economy.

The budget itself was also dominated by last-minute changes in response to Covid-19. £30bn of temporary emergency measures included:

Other announcements with an impact on the construction industry included:

Housing and infrastructure: ‘If the country needs it, we will build it’.

Environment:

Other:

It had been expected that the budget would be accompanied by the publication of a National Infrastructure Strategy, but the budget simply stated that this would be published ‘later in the Spring’.

Ref https://www.gov.uk/government/publications/budget-2020-documents

[edit] Reaction

Julie Hirigoyen, chief executive at UKGBC said: “Unfortunately, notably absent from the budget documents are the Government’s three biggest manifesto promises on energy efficiency: The social housing decarbonisation fund, Home Upgrade Grants and the Public Sector Decarbonisation scheme."

Brian Berry, chief executive at the Federation of Master Builders said: “Understandably, the chancellor has delivered a ‘first aid Budget’ to overcome the short-term crisis caused by Covid-19. But he has missed an important opportunity to announce interventions that would support the sustainable, long-term recovery construction needs."

Steve Radley, CITB Policy Director said: “The promised investment will create the need for tens of thousands more workers in Britain’s construction sector. This will require a major upturn in the number of apprentices and trainees; government will need to work closely with industry to deliver this. The huge pipeline of work will provide a unique opportunity for government to drive modernisation in how we build, encouraging the adoption of Modern Methods of Construction that will improve productivity in a much tighter labour market.”

Eddie Tuttle, director for policy, research & public affairs at the Chartered Institute of Building (CIOB) said: "Given today’s Budget announcements we encourage government to work closely with the construction industry in order to produce a clearer vision and a smarter, more focussed, attention from policy makers to ensure the industry continues to thrive in a more conducive environment."

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