Mr Hammonds Autumn statement pointed heavily towards further spending in housing. No doubt you are broadly aware of this - taking the headlines are a £44bn spend over five years to include investment in modern methods of construction and £2bn in affordable housing.
Having, at best, stagnated over recent quarters, today I read that infrastructure investment was up. Great news for manufacturers and contractors alike and another area that involves government backing.
It would, however, seem that manufacturers are not taking full advantage of tax relief for R&D projects within our industry. Speaking with numerous leaders in the built environment, innovation is key to growth. I'm especially looking forward to UK Construction week next week to understand where companies are taking advancements.
However, as an industry we are some 32% down on other industries per company request. I hope this post is the catalyst for you to review what is available and next year I get to prod and poke around great NPI from your stand.
New statistics from HM Revenue & Customs show that the UK construction industry claimed a total of £80m in research & development tax credits.