After the UK Election there Labour have a 330 seats majority win in the House of Commons, Rachel Reeves, the new appointed and first female chancellor put the wheels in motion to what she says promises to drive the construction industry forward into the next property boom.
After the UK Election, for mortgages its rumoured interest rates are due to slowly retreat although rates have been travelling south progressively over the last few months with more lenders offering better fixed rates that won’t put people out of pocket; time will tell whether this moves the needle for UK GDP growth to soften the burgeoning country debt.
UK Election winners Labour plan to build over 1.5m homes during their next term positions a positive shift in the construction industry which we welcome with open arms.
With the building sector employing over 1.5m workers contributing in excess of £130 billion to the UK economy, there are a lot of ducks to line up to get their plans moving and fast.
According to YAHOO FINANCE, the new government has pledged they will “support local authorities with 300 additional planning officers across the country.” According to the Government’s PLANNING AND HOUSING DATA IN ENGLAND, there are 337 local planning authorities which is almost 1 extra planning officer per planning authority.
It was also reported that “Angela Rayner, the deputy prime minister, will write to local councils and planning authorities to review green belt boundaries, and “brownfield and grey belt land” will be prioritised for housing where needed.”
Planning class changes, planning control breaches and planning regulations can take a minimum of 3 to 6 months to materialise into any kind of planning consent granted. A timing deadline to commence building can then take anything from two to three year timeline following a very thorough review of numerous departments looking at environmental and sustainable changes of impact.
It is understood that within the next Government tenure and legislating from the ground up by providing much needed resources to their teams can significantly pave the way for more building projects to take place over the next decade.
Reuters reported, “British housebuilding companies were the top gainers on the FTSE 100 today as investors welcomed the election victory by the Labour Party.”
The Labour manifesto has paid off dividends as their drive during the campaign has been under the marketing brand descriptor of “Change” with construction and new homes being a big part of that agenda.
For business growth in the construction industry, growth of the UK’s financial services sector will be enhanced according to MAYERBROWN by “pursuing a more joined up and innovation-centred approach to regulation and supervision, streamlining the regulatory rulebook in line with the Consumer Duty, strengthening international engagement in financial services, and building a more collaborative relationship with the EU.
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