£5BN Injection into the UK Construction Industry
Boris Johnson, the UK Prime Minister has introduced plans to help stimulate and boost the nations’ construction industry. After one of the most serious industry downturns due to Coivd-19, this news has been welcomed by most – but will it be enough?
The initial plans outlined the “Build, Build and Build” scheme, which is to focus on industrial projects. But today this has been revised to the “Repair, Repair, Repair” as looking to focus on the nations infrastructures such as roads, rail lines and hospitals. However, surprisingly there has been now additional funds injected for house building projects – although this may be change and be introduced in the upcoming months.
It is thought that the level of spending per person in the UK would equate to approximately £100 per person. It is hoped that these funds will help kick start the construction industry and encourage firms to invest in training and development of existing employees. Without a scheme such as this, the likelihood of mass redundancies and continued furloughed staff is certainly on the horizon.
Boris Johnson has also reminded the public about his government plans to build and deliver a 40 new NHS hospitals over the next 10 years. It has been mentioned that in order for these to have the positive impact on the wider economy that these projects need to be started this year.
In the Prime Ministers true fashion, he has also spoken of “Shovel ready local grown projects” to help pick up the economy of local towns across the nation. Spending plans for the High Street, pubs and bars will surely be welcomed across the nation