Investment in infrastructure and funding for apprenticeships - how Rishi Sunak plans to boost the construction industry.
On March 3, chancellor Rishi Sunak announced the awaited Budget 2021, which promised to help support thousands of people in the construction industry - just as employers are looking to hire them.
Sunak broadcasted plans to lift the economy, which includes extending some schemes like the furlough, self-employment support, stamp duty holiday, the creation of a UK infrastructure bank and mortgage guarantee scheme.
The budget was met with positivity from within the industry, with figureheads such as Mark Reynolds, group chief executive of Mace, stating “that is clear the chancellor recognises the huge importance of maintaining jobs and continuing to support investment in housing and infrastructure to deliver the growth we desperately need”.
As well as offering £126m of new funding for 40,000 traineeships to help build back what was lost from the pandemic, Sunak has also extended the furlough scheme until the end of September.
Recognising the need to bridge the UK skills gap within the sector, as well as build a post-covid greener industry, the creation of a UK infrastructure bank will target investment at the very heart of where it is most needed to drive innovation and growth.
Find out more about how the current Budget 2021 impact the construction industry: https://www.pbctoday.co.uk/news/planning-construction-news/budget-2021/89849/