The fall in construction activity for the second consecutive month according to S&P Global / CIPS UK Construction PMI® should be a wakeup call to the new Construction Minister that bold new policies are needed to help kickstart building activity to support economic growth, says the Federation of Master Builders (FMB).
Brian Berry, Chief Executive of the FMB said “This new construction data shows that the industry has returned to its pandemic levels of activity. As the cost-of-living crisis deepens, consumers are cutting back, but builders also face increased costs on materials. This creates a difficult and clearly damaging situation. Bold solutions are required by the new Government under Liz Truss. Delivering a UK wide retrofit strategy to improve the efficiency of the nation’s homes would be a huge boost for local builders and local economies alike. It would also cut homeowners bills and help ensure the UK’s energy security. More immediately we urge the Government to remove VAT on repair, maintenance and improvement work so that savings can be passed on to cash strapped consumers.”