TDUK responds to Autumn Statement17 November 2022
Timber Development UK (TDUK) has reacted to the Chancellor’s Autumn Statement by imploring the government to provide certainty and stability to help the construction sector.
Chancellor Jeremy Hunt announced new tax rises and spending cuts in his statement on Thursday in an effort to stabilise the UK economy, which is now in technically in recession.
“Now the direction has been set by the budget, we implore the government to provide certainty and stability in as many areas as possible, so the construction sector can continue to deliver with confidence,” said TDUK CEO David Hopkins.
“Whilst we saw short-term plans to claw in tax revenue, there are few long-term plans on the table that the construction industry can latch onto as businesses seek to navigate the recession.
“Commitments to infrastructure spending, the levelling up fund and R&D budgets do provide some relief, although in real terms these plans have been scaled back considerably. Meanwhile, the government continued commitment to net-zero, and new plans to reduce energy consumption in buildings by 15%, means those of us working on green building solutions such as timber construction can continue to plan ahead.
“However, many of the more difficult decisions around spending cuts appear to have been kicked down the road to the next government and there was no support offered to businesses to get them through the energy crisis. Meanwhile rising costs will continue to squeeze businesses as they consider future investment in skills, innovation, and net-zero solutions. The government will need to work closely with the construction industry in the coming months to prevent outputs from falling and progress being lost ahead of any potential recovery.”