Turner & Townsend's statement on autumn budget 2018
Bruce McAra, Managing Director – UK real estate at Turner & Townsend, commented on topics raised by the Chancellor of the Exchequer, who presented his autumn budget to Parliament on 29 October 2018.
“Under normal circumstances, there would be much to welcome in this budget. It signals long-term investment and commitment to some of the most pressing strategic challenges we face in housing, development and infrastructure where we need to build capacity and boost productivity.
“However, while the intent is positive, the shadow of Brexit uncertainty lies over many or perhaps all of these budget pledges. Though industry can begin to galvanise around these important funding opportunities, there will naturally be trepidation until there is more clarity on the UK’s departure from the European Union.”
“Measures to boost housing supply and expand and diversify the residential market are of course welcome as we tackle the UK’s housing crisis.
Most encouraging are the signs that the government is taking an increasingly long-term view of housing delivery, through the Prime Minister’s recent £2 billion commitment to affordable homes and the Chancellor’s endorsement of more ambitious strategic partnerships through Homes England.
"These measures are due to stretch beyond the Spending Review and that’s the kind of assurance we need to see to mobilise more home builders, boost their supply chains, and develop new construction talent and technology.”