The Tories are back in power and experts are predicting that the British construction industry will prosper. So what’s on the horizon for the construction industry and how will David Cameron and his fellow Conservatives fast-track the nation on its way to prosperity?
According to recent figures from the CN Barometer, Brits believe that the Conservative Party best understands the needs of the construction industry and the measures that will help it flourish. The study drew on responses from the industry’s biggest leaders who demonstrated overwhelming support for the Tories and their proposed policies. All up a huge 73.8% endorsed Cameron and co, while just 19.1% preferred Labour.
- The Conservatives have pledged that by 2020 the nation will have built 200,000 Starter Homes, with a 20% discount available for first time buyers under the age of 40. For contractors working in the home building sector these 200,000 starter homes represent a great opportunity to take on more work.
- The Builder’s Finance Fund will provide financial loans to scheme developers up until 2017. This will give developers the chance to get projects underway without the need for large sums of disposable cash.
- Under the ‘One North’ proposal road, intercity and urban rail networks will be improved and coordinated across England’s north. This will be supported by a £65 billion investment.
- This term £7.7 billion will be allocated to enhancing and upgrading the country’s strategic road networks.
- In the South East of London there are proposals underway to expand the region’s airport capacity.
- By cutting benefits budgets by £1 billion the Tories will roll out three million new apprenticeship schemes, with many focussing on the construction sector. Given the fact that a skills shortage has been identified as a major hurdle for construction industry growth this is an extremely savvy move that will help the UK prepare for the upcoming boom.
If you work in the construction industry now is the perfect time to tap into lucrative market conditions and start to strategize for growth and expansion. As always, it’s crucial that all construction industry businesses protect their enterprise, their employees and their clients with a comprehensive insurance policy tailored to fit specific operations. From individual tradesmen to large-scale contractors, insurance is an absolute must. Cover should include public liability, employers liability, contractor all risks insurance (CAR) and tools cover at a minimum.