The recent Budget by Chancellor Jeremy Hunt has brought with it a range of new regeneration projects, as well as a number of initiatives to counter potholes, new nuclear projects, and a shift towards more sustainable energy sources.
Regeneration projects are an important element in the Budget. These are designed to help promote economic growth in deprived areas. This can take the form of public works such as refurbishing buildings, or investing in infrastructure or services. Government funding for regeneration projects can be used to create jobs, bring in investment, and ultimately provide a better quality of life for people living in those areas.
In addition to this, the Budget also includes funds for road maintenance. Potholes can be notoriously damaging to vehicles, so the government has committed to tackling them head on. This is crucial as potholes can quickly become a serious safety issue if left unaddressed, as well as being a costly inconvenience for motorists.
The Budget also includes funds for new nuclear projects. These are a key element in the UK’s efforts to transition towards more sustainable energy sources. The government has announced that it will re-rate nuclear projects, making them eligible for the same tax breaks and other investment incentives enjoyed by renewable energy projects. The chancellor has also announced the creation of a new body, Great British Nuclear, which will oversee the development of small modular reactors, with the government providing funding for viable projects.
The chancellor also accepted the recommendations of the Migration Advisory Committee, and placed five construction occupations on the Shortage Occupation List. This is a positive step forward for the construction industry, as it means that skilled workers can be recruited from overseas if they cannot be found in the UK.
Overall, the Budget provides a good deal of financial support for regeneration, pothole repairs, and new nuclear projects. The re-ratings of nuclear projects, coupled with the creation of a new body to help progress the development of small modular reactors, show a clear commitment to transitioning towards more sustainable energy sources. The decision to place construction occupations on the Shortage Occupation List is also an important step forward, allowing the industry to access much-needed skills when they are not available in the UK.