Glenigan comments on Autumn Statement announcement

 

“The Chancellor’s Autumn Statement presents a brighter picture for the UK economy and construction. The official forecast from the Office for Budget Responsibility (OBR) has upgraded UK economic growth for next year from 1.8% to 2.4%. This stronger economic performance will be especially welcomed by the construction industry, with economic growth of 2% or more usually a prerequisite for higher construction output. Glenigan is forecasting a 4% rise in project starts next year.

 

“The Chancellor’s commitment to support new housing supply is encouraging.  While noting the latest Glenigan data showing a 35% rise in residential planning approval, the Chancellor has pledged addition measures to increase housing supply, including a £1 billion, six-year infrastructure investment programme to unlock new large housing sites. This is expected to support the delivery of around 250,000 homes in Manchester, Leeds and other parts of the country.
 
“In addition, the £1,000 business rate discount on small retail premises and the halving of the rates for new occupants may boost the flow if retail and leisure refurbishment and fit-out projects.
 
“The cuts to the Energy Companies Obligation (ECO) programme are disappointing and threaten to depress the flow of home energy efficiency work at a time when the Green Deal has yet to gain traction.

 

“In addition, the prospects for the many onshore windfarms being tracked by Glenigan became more uncertain following the strike prices announced in the National Infrastructure Plan yesterday. The Chancellor confirmed that the government was prioritising offshore wind projects, many of which are at a very early stage of development.”

 

For further information, please contact:

 

Kirsty Maclagan (Marketing and Communications Manager)

T: +44 (0)1202 786 842│E: kirsty.maclagan@glenigan-old.thrv.uk