Budget 2016 Assessment
The Chancellor of the Exchequer’s latest Budget, released on 16th March 2016, builds on the investment plans announced in 2015’s Spending Review and Autumn Statement. Housing, infrastructure and building the Northern Powerhouse remain key investment areas, all of which will help stimulate economic growth and UK construction activity.
The impact of Budget 2016 on construction
The reform of the planning system is also good news for the industry, helping speed up pre-construction stages and reducing stamp duty land tax rates for commercial investors and developers. Reactions from the industry suggest a degree of apprehension on engaging sufficiently qualified workers to deliver the volume of large scale projects planned.
Further emphasis will be placed on the digitisation of the construction sector, creating data rich models and supplying appropriate and accurate data for asset management through the development of Level 3 BIM.
For more information on national and regional funding plans announced Budget 2016, read our summary report.