Budget roundup

This was one of the most anticipated budgets in recent history. A budget of firsts; the first of a new decade, the first budget under Prime Minister Boris Johnson, the first for the new Parliament since the General Election 19, the first for Rishi Sunak following his promotion to Chancellor, the first since the net-zero legislation was introduced, the first since Britain has left the EU, and also the first time a woman was in the chair for the announcement- Eleanor Laing.

An ‘infrastructure revolution’ was touted by Boris Johnson, and the budget was eagerly anticipated as a foil to the long-awaited National Infrastructure Strategy. The Strategy announcement has been delayed, but the budget did bring plenty of talking points and investment for the sector.

• Recent floods and challenges to the country have shown how important it is to have a joined up and long-term infrastructure strategy, and the delay of such has left the government claims sadly lacking.
• Keen to express that this is a government ‘who gets things done’ Mr Sunak announced some £600Bn in public investment, the most since 1955, while the construction sector listened carefully to spending allocations:
• Addressing the winter storms and flood damage that followed, the Chancellor has promised £200M for immediate repairs to local flood resilience. This doubles the spend on flood defences to £5.2Bn.
• The rollout of rapid charging points for electric vehicles will be supported with a £500M fund. The aim is to ensure drivers are never more than 30 miles from a public charging point.
• Meanwhile, both local and strategic roads will be given a boost, with some £27M ring fenced for strategic road improvements, plus a further £2.5Bn towards Theresa May’s ‘pothole fund’ over the next five years.
• One of the few projects confirmed in his speech was the A303, Stonehenge tunnel project. Following delays and extensions to the project, Mr Sunak promised to ‘get it done’.
• In terms of rail travel, the Chancellor reiterated the election manifesto promises of levelling up the country, with more connections and improvements to accessibility. While the Manchester to Leeds leg for Northern Powerhouse Rail will continue to be supported by the government.
• In terms of housing, the Chancellor promised the largest investment in a decade with some £12Bn for affordable homes.
• And a further £1.1Bn towards the housing infrastructure fund, which has been crucial in seeing brownfield housing developments, aiming to deliver some 70,000 new homes.

Overall, even without the go-ahead for specific projects, the mood for builders is positive, with Mr Sunak reassuring the country:

“we’re going to build broadband, railway, roads – if the country needs it, we will build it.”

 

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