Deloitte’s Barry Crichton struggles to find the substance behind Osborne’s much heralded “powerhouse” in today’s Budget
Well we heard positive messages on growth across all sectors with GDP for 2015 of 2.5%, however there was actually very little of note in today’s Budget targeted specifically at the construction, commercial property and infrastructure sectors.
Perhaps this should not be entirely unexpected given we are still carrying a heavy deficit burden and still four years away from a surplus. But its still surprising to hear little about our much anticipated major capital projects across the North region.
Clearly the local business rate retention for Manchester is an important but small step for reinvestment opportunities into our built environment
This might be taken as a natural reflection of the comparatively buoyant investment and development markets that are beginning to emerge in a few of the UK’s regional cities, Manchester foremost among them.
Clearly the local business rate retention for Manchester is an important but small step for reinvestment opportunities into our built environment.
With little to focus on, one must take the positives of a healthy economy and look forward to our new ‘”powerhouse” status, and the investment and improved connectivity this will bring. However, there remain significant infrastructural deficits which require continued Budgetary attention if the Northern Powerhouse dream is to be realised: transport, digital infrastructure and smart grids, energy efficiency and so on.
Barry Crichton is director in construction advisory for Deloitte Real Estate North West