ECONOMIC Stimulate economy with building projects, CLC boss tells chancellor...

Stimulate economy with building projects, CLC boss tells chancellor | News

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Publishing the UK’s National Infrastructure and Construction Pipeline would be a greater “stimulus” to the industry than tax cuts, according to Construction Leadership Council co-chair Mark Reynolds. 

The Mace chairman and chief executive said he would be “putting pressure” on Jeremy Hunt about the issue ahead of this Wednesday’s Autumn Statement and added: “There are many ways [other than tax cuts]. The National Infrastructure and Construction Pipeline (NCIP) provides certainty on what is required and will be spent by the government over the next 10 years,” he said.

The NICP is a pipeline of projects set to be delivered as part of the National Infrastructure Strategy.

Reynolds’ remarks follow rumours that the Infrastructure and Projects Authority’s latest pipeline will soon be published in full. 

>>See also: UK housebuilding recession: How much worse is it going to get?

The publication of last year’s pipeline was delayed by the Treasury amid economic uncertainty caused by then prime minister Liz Truss’s mini-Budget – the first year the IPA document wasn’t released since it started in 2010. 

Speaking to the Today Programme, Reynolds also advocated for tax incentives on build-to-rent for affordable housing, VAT relief on greening existing homes and tax relief on expenses for construction firms.

“What we need is both immediate growth for the short term and long term thinking. What we’re hoping for is a bit of stability, to move the industry forward,” Reynolds said.

“We’ve heard of measures like ‘full expensing’ being spoken about, but we really don’t think manufacturing as a sector benefits from that. 

“I think there are other benefits and stimulus that we would be looking for such as [Research & Development] tax credits being reviewed, to continue as they are at the present time.” 

“Certainly a number of colleagues and supply chain members I work with are really keen on that. They’ve invited me to meet personally through the Construction Leadership Council.”

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