The Spending Review can give confidence to companies across the construction sector despite the difficult economic outlook
On Wednesday (25 November) the Chancellor presented his Spending Review that sets Government spending for 2021/22. He did so against the backdrop of a severe downturn in the economy that has been triggered by the Covid-19 crisis, recognising that difficult spending decisions will need to be made to return the economy to a sustainable footing in the long term.
Inevitably the economic downturn will affect our sector. Yet the Chancellor was clear that the Government will support our industry. This comes both through direct investment in schools, hospitals, railways and other public assets, but also by putting in place policies that help construction deliver more effectively.
As we have seen since March, construction can be and is a driver of economic activity while other sectors have slowed due to Covid. The Spending Review sets the expectation that the construction sector will continue to play this key role, helping the country to rebuild.
But the review was also clear that this continuation of work should come hand-in-hand with efforts to achieve the Government’s wider policy objectives – achieving Net Zero, levelling up the economy, and boosting productivity.
It is a measure of how close the Construction Leadership Council has worked with the Government since March that these are our lead priorities too. We now have a strong delivery team in place and can lead industry change, building sustainably while providing careers for thousands of new entrants and displaced workers in communities across the country.
We hope that you will support us on this journey.
Co-Chair, Construction Leadership Council