果冻影院

The COVID-19 pandemic will have a major effect on construction activity over the coming months. What this will mean for projects and investment in the short term is unclear, however the Chancellor鈥檚 2020 Budget outlined considerable investment for the UK鈥檚 long-term infrastructure needs, and the report is based on his Budget released on Thursday 12th March 2020.

Major investment

Infrastructure

• The Chancellor confirmed 拢600 billion is to be spent on infrastructure by the middle of 2025. This is the biggest spending commitment since the mid-1950's.
• The second Road Investment Strategy (RIS2) will spend over 拢27 billion between 2020 and 2025.
• The government also announced it is investing 拢20 million to develop the Midlands Rail Hub.
• More locally, the Government confirmed allocations of over 拢1 billion from the Transforming Cities Fund. This will deliver a range of local schemes and will also include around 拢800 million for bus and cycling infrastructure.
• The government also committed 拢4.2 billion from 2022-23 for five-year funding settlements for eight Mayoral Combined Authorities. This will help the mayors to implement long term transport investment plans for their cities.

Potholes

• A new Potholes Fund was also announced. The fund will provide 拢500 million a year, resulting in a 50% increase to local road maintenance budgets in 2020-21.

Flood defences

• The Government has announced it will double the amount it invests in the flood and coastal defence programme in England to 拢5.2 billion over six years, further protecting 336,000 homes.

Housing

• The Government declared a 拢10.9 billion increase in housing investment to support the commitment to build at least 1 million new homes by the end of the Parliament, an average of 300,000 homes a year by the mid-2020's.

Planning reform

• The Budget also previewed interesting changes to planning system. In the Spring, the Secretary of State for Housing, Communities and Local Government will set out the reforms along with a Planning White Paper.

Tax reliefs

• The government had already announced the Business Rates retail discount will be increased to 50% in 2020-21. However, to support small businesses affected by COVID-19 the government is now increasing it further to 100% for 2020-21.

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