Rebuilding the Construction Industry
The Prime Minister Boris Johnson has pledged that the government will help to rebuild the economy by focusing on increasing construction industry funding and planning.
In a speech on Tuesday, Johnson pledges that he will fund the building and construction of 40 new hospitals whilst also ensuring that large investments are made into new rail and road projects throughout the country. Boris has stated that the government was committed to £5b capital investment into infrastructure projects.
In a project being branded by Johnson as “project speed”, the aim is to get projects delivered much more quickly and efficiently than usual and Johnson has even hinted that changes to procedures and rules might occur in order to speed up the strict internal processes which are currently followed.
The Prime Minister has said: “Because we know in our hearts that the furloughing cannot go on forever, and as the economy recovers we also know that the jobs that many people had in January are also not coming back or at least not in that form; we know that is the biggest and most immediate economic challenge that we face. With every flood-defending culvert that we dig, with every railway station, hospital or school that we build, we will of course be tackling the next wave of this crisis by helping to create thousands of high-paid, high-skilled jobs.”
Whilst many onlookers support these decisions made by Johnson and consider these commitments a key element in accelerating the UK’s economic recovery, many have also criticised the plans, stating that they lack substance and also contradict many of the project plans which have already been announced.
Other suggestions from individuals such as Brian Berry, Chief Executive of the Federation of Master Builders, called for VAT to be cut in order to boost the market and also said that the repair and maintenance sectors should not be overlooked.
In conclusion, a focus on the construction industry in the upcoming years is a sure-fire way to increase jobs and begin to build back the damaged economy. Without increased job rates, many of those who have lost their jobs as a result of COVID-19 will struggle to return to work in the near future as the demand for jobs increases. Despite these positives, there are many considerations that need to be made by the UK government and current plans and pledges appear to lack substance, so we are eagerly awaiting further announcements from Boris Johnson in the upcoming weeks.
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