The summer financial statement – response from Wates

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Chancellor delivers the Government’s summer financial statement: response from the Wates Group

The Chancellor Rishi Sunak has today unveiled a multi-billion pound package of investment including a ‘Plan for Jobs’ to spur the UK’s recovery from the Coronavirus outbreak. Paul Chandler, Group MD, Wates Construction, responded on behalf of Wates Group

The Chancellor highlighted the importance of the construction industry in his announcement and specifically the housebuilding sector, which is directly responsible for more than a quarter of a million jobs and the Stamp Duty cut will undoubtedly provide much-needed confidence in the housing market.

However, more people buying and selling houses does not necessarily translate into more houses being built and so other issues such as planning reform must also be tackled simultaneously if we are going to deliver the homes and the associated jobs – that this country desperately needs.

At the heart of the Government’s announcement today was sustainability and a recognition of the huge opportunity for growth in the ‘green’ sector but the big challenge for the Government in this area is one of ambition.

The numbers announced today are not insignificant but while the intent is unquestionably sound, the quantum impact may not be as transformational as the Government may hope

Today’s announcements are an important first step in kick-starting the UK economy but what we need next is a long term strategy that recognises and then tackles the major challenges facing the UK in the years ahead such as the levelling up of the regions, population growth and the climate emergency, not to mention the impact of Brexit.”
Paul Chandler - Executive Managing Director of Wates Construction

Paul Chandler

MD, Wates Construction