Spending Review - Infrastructure. Comment from Richard Steer, Chairman of Gleeds Worldwide
The latest announcements on infrastructure spending are the fiscal equivalent of the ‘Hangover’ movie franchise; the same story repeated again and again with less and less appeal the more often it is rehashed.
Yesterday’s announcements of a further £50 billion on capital investment with expenditure on roads and rail were previously announced by a government that is strong on rhetoric but poor on delivery and whilst one can welcome the confirmation of Cross Rail Two, HS2 and £3 billion for affordable housing, the announcements of funding are too late in the construction cycle to have any real impact in the next 12-24 months.
George Osborne is often called the part-time Chancellor since he is also the Conservative Party election strategist…If this was supposed to be a spending review timed to help him win the next election then it seems unlikely that the construction industry is going to be able to deliver much growth in the timelines he would like to envisage with this level of real support.
Richard Steer, Chairman of Gleeds Worldwide