This year’s Autumn Budget was released earlier than usual due to Brexit negotiations and is set to have a significant impact on the construction industry. Overall, the UK’s final Budget as an EU member promises greater investment in the construction industry, bringing welcome news to many companies involved either in minor works or major development projects.
With a target of building 650,000 new homes, an extra £500 million will be directed into the Housing Infrastructure Fund to make sites viable for residential developments, increasing the fund to a total of £5.5 billion. Strategic partnerships with housing associations worth £650 million aim to deliver 13,000 new homes in England, while SME homebuilders will be supported by British Business Bank guarantees worth £1 billion. The lifting of the local authority borrowing cap could also see a new generation of council house building.
To deliver three million high-quality apprenticeships, the government unveiled a £695 million package and announced that contributions from smaller firms taking on apprentices will be halved from 10% to 5%, covered by £240 million of taxpayer’s money. £5 million will be provided to identify gaps in the training-provider market and introduce updated apprenticeship standards.
Other announcements include the National Living Wage increase of 4.6%, which could have a significant impact on costs for some contractors, and HMRC becoming the preferred creditor in insolvencies, giving it priority when it comes to recovering taxes. There will also be tax breaks for non-residential structures as well as increased spending to transform the UK’s high streets, boosting construction employment opportunities and encouraging new talent to enter the industry.
With higher investment and proposals to strengthen the industry, the face of construction is set to change. Companies must be equipped to deal with a potentially drastic increase in business, while other developments, from increased wages to new taxation, will require a detailed review of finances. Having the right technology in place will help you prepare for change and take your organisation into the future.
EVision, construction management software from Eque2, is designed to manage the full construction and contracting lifecycle, helping you deal effectively with increases in demand. By giving you total control of your commercial, financial and operational processes, construction-specific software ensures you complete projects on time and within budget.
Developed and supported by industry experts, Eque2’s construction management software streamlines your business and enables you to manage multiple projects on any device, anytime and anywhere. Company performance and statistical analyses are visible in real time, so you can make better decisions and react to changes as they happen. EVision’s forecasting capabilities for future workloads allow you to beat the competition by giving you detailed predictions of sudden spikes in costs or an upsurge of work, so you can plan ahead.
With a special focus on apprenticeships and the overall encouragement for more young people to join the construction industry to fill the skills shortage, companies must adapt their practices and evolve with the times. Leading technology such as Eque2’s construction management software will ensure companies remain competitive and attract the skills of the next generation.