LF Builders

Daniel Eisenberg

March 16th, 2023

LF Builders is a construction company that has successfully completed more than 11,000 projects, offering quality services to clients with their vast experience and expertise in the field.

Industry Expresses Approval of Nuclear Aid in 2023 Budget Amid Uncertainty Over Pipeline Stoppage

The UK government's 2020 budget statement was met with both praise and criticism from the construction industry. Extra funding for the nuclear industry was welcomed by many, but others felt that there could have been more investment in other areas.

The Chancellor of the Exchequer, Rishi Sunak, announced a £4 billion package to support nuclear projects in the United Kingdom. This money is aimed at driving forward essential new nuclear build projects, as well as helping to secure existing infrastructure. The announcement received strong support from industry figures, including Mark Allan, Landsec Chief Executive, who praised the investment but added that more could have been done. Graham Prothero, the former Chief Executive of Galliford Try, has gone further in saying the budget was a 'significant missed opportunity' in terms of housing.

Aside from the nuclear industry, however, there were other areas which some felt were underserved by the budget. Graham Harle, Chief Executive of Gleeds, argued that Hunt had 'more headroom to invest than he used', suggesting that the borrowing costs being faced could have been put to better use elsewhere. In addition, despite the positive news around corporation tax, there was still no clear pipeline of construction projects that industry members could access.

Overall, while the extra funding for the nuclear industry was welcomed by many, it is clear that there are other areas of the construction industry that would have greatly benefited from additional investment. Until these issues are addressed, it is unlikely that the construction industry can make a true comeback following the pandemic. However, with the right measures in place, the sector can begin to move towards a more sustainable and prosperous future.