Chancellor Rishi Sunak revealed his Budget in the House of Commons on Wednesday 27th October.
Setting out the government’s tax and spending plans for the year ahead, Sunak said his plans would help create an “economy of higher wages, higher skills and rising productivity”.
Here is a summary of the main points for our customers’ industries.
Construction and Infrastructure
- £24bn earmarked for housing, including £11.5bn for affordable homes, with brownfield sites targeted for development
- A 4% levy on property developers with profits over £25m to feed a £5bn fund to remove dangerous cladding
- A minimum of 105 local projects will receive £1.7bn of funding from the first round of provisions from the Levelling Up Fund.
- Projects being supported range from regeneration in the London Borough of Tower Hamlets, to a sustainable transport project in Renfrewshire and cultural assets in Powys.
- £121m from the Levelling Up Fund was also earmarked for ten Welsh projects
- £2.6bn set aside for 50 roads projects
- Including the A509 Isham Bypass, A259 Bognor Regis and A350 Chippenham Bypass will progress to the next stage of development.
- £5bn for local roads maintenance works, repairing an extra 1m potholes per year
- £3.8bn to fund the largest prison building programme this century
- £1.7 billion of new funding to help build one new major nuclear power station
- A new funding model for nuclear power stations – the regulated asset base (RAB) funding.
- Plant and machinery used to generate and store renewable energy onsite will be exempt from business rates
- A major input of £4.8bn to improve public transport within cities.
- £1bn to Greater Manchester for schemes including the next generation Metro Link tram-train vehicles
- £710m to Liverpool City Region for schemes including battery power for new Mersey Rail trains to expand the reach of the existing network
- £310m to the Tees Valley for schemes such as upgrading Middlesbrough and Darlington stations and improving local rail links
- No announcement on the outcome of long-awaited Integrated Rail Plan, but a promise it would be published soon. This will deliver the long-awaited verdict on the future of HS2’s phase 2b eastern leg to Leeds. Carbon emissions could be saved by not building the Birmingham to Leeds leg and putting the money into Northern commuter rail instead.
- National Living Wage to increase next year by 6.6%, to £9.50 an hour
- Pledge to modernise R&D tax credits regime
- Business rate holiday for businesses making building improvements.
With our vast experience in the civils, construction, railway and utilities industries, our team would be delighted to assist you on your upcoming excavation project.