- 12th September 2016
Advocates argue infrastructure industry will boost post-Brexit UK economy
Calls for the government to speed up infrastructure investment have been made, in a bid to protect the UK from an economic slowdown following the vote to leave the EU.
The British Chamber of Commerce has downgraded its economic growth forecasts for 2016 (down from 2.2% to 1.8%), as well as for 2017 (now 1.0%) and 2018 (now 1.8%).
BCC acting-director Adam Marshall has advocated the government starting investment in major infrastructure developments. He has said, “[The government] should start with the long list of business-boosting infrastructure projects that have been put on hold for far too long – including a firm decision on a new airport runway, new nuclear investment, and road and rail schemes.”
Accounting firm BDO also called for more investment in infrastructure in an independent review, however Finance Minister Philip Hammond doesn’t believe the economic benefit of infrastructure work would come quickly enough.
“I think there is a role for big, strategic projects, but they are unlikely to be ever able to contribute to fiscal stimulus because of the timelines involved”, Hammond said. “Often it is modest, rapidly deliverable investments that can have the most immediate impact, particularly on the road network, but also in some places on the rail network.”
Like many industries, infrastructure is facing uncertainty following the UK’s decision to leave the EU. In this tough time, we can help you find work; see all our jobs here, or email us at email@example.com.