Only a few weeks ago, the construction sector was awaiting positive news of a settling economy.The chancellor’s spring statement had made clear there was no fresh spending to be announced, but government’s priorities had been clearly set out through its various strategies. Inflation was easing and interest rates falling. There were promising signs of returning market confidence.

Much of that optimism has now been pushed aside. While volatility has become baked into our industry in the past decade, the impact of escalation of conflict in the Gulf in just a month threatens to be one of the greatest shocks yet.

We’re already seeing stark impacts of oil disruption. The latest S&P Global UK Construction PMI shows input costs rising sharply, with higher material and energy prices and heightened uncertainty pushing clients to pause investment and delaying new orders.