Fears raised over £1bn cost to industry of new building safety system

By Joey Gardiner2021-07-06T13:38:00

Cost of regulation could affect scheme viability as impact assessment shows burden on industry in first three years

Fears over the cost of the government’s proposed new building safety system are growing after it emerged that the reforms could cost the industry more than £1bn in their first three years.

An impact assessment issued alongside yesterday’s Building Safety Bill estimates that the residential development industry faces two-year transitional costs of £731m in moving to the new system, with an ongoing annual regulatory burden of £284m thereafter. The costs would add up to a bill of more than £3bn over the next decade.

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