Government Launches Industrial Strategy               

The Government has published a green paper to kickstart delivery of its modern Industrial Strategy, a 10‐year plan designed to drive economic growth across the country. The Industrial Strategy will focus on eight key sectors, including advanced manufacturing and clean energy industries, with a view to providing the certainty and stability that businesses need to invest in the most productive parts of the economy. Whilst construction is not one of the eight sectors identified, the green paper acknowledges that “improvements in infrastructure will be foundational to success across our growth‐driving sectors”, and new National Policy Statements setting out Government policy on different types of national infrastructure development will be published within the next 12 months. The Government has also set up the British Infrastructure Taskforce to unlock private investment in infrastructure, and Build UK is calling for representatives from the contracting supply chain to be added to its membership.

5Ps To Power Up Construction

Ahead of publication of the green paper, Build UK Chair Julie White attended an Industrial Strategy Forum meeting, chaired by Minister of State for Industry Sarah Jones MP, where she welcomed the development of a long‐term strategy and highlighted Build UK’s 5 Ps to Power Up Construction as key to supporting the delivery of the economic and social infrastructure the UK needs. Members can have their say on the development of the Industrial Strategy by responding to the public consultation which is open until 24 November, and the final Industrial Strategy will be published in spring 2025.

 

Autumn Budget

The Chancellor will deliver her first Budget next Wednesday 30 October, having warned there will be ‘difficult decisions on spending, welfare, and tax’. She has confirmed corporation tax will be maintained at its current level and there will be no increases in income tax, employee National Insurance Contributions (NICs) or VAT, although employer NICs are expected to rise.

ISG Administration

Following the collapse of ISG, a statement of affairs has now been published for each of the companies in administration, except ISG Fit Out Limited, providing an overview of the company’s financial position and how much is owed to the supply chain. The statement of affairs for each company can be found on its Companies House record under ‘filing history’.