Britain’s Olympics has delivered a £2.5 billion boost in foreign direct investment (FDI) over the past year, bringing with it more than 31,000 jobs, according to preliminary figures published today.
The investment projects generated following the 2012 Olympics’ British Business Embassy programme of global business summits have helped ensure that the UK has again retained its position as the leading European destination for foreign direct investment.
The preliminary data published today at the Global Investment Conference shows that during 2012-13, UK Trade & Investment (UKTI) recorded 1,462 projects which brought with them or safeguarded 163,489 jobs. Of these 58,170 are new jobs – beating both the quantity of investment attracted and employment secured in the previous year.
The Prime Minister, David Cameron joined other high profile delegates from 40 countries at the Global Investment Conference, including the German and Canadian finance Ministers, Managing Director of the International Monetary Fund Christine Lagarde, global chief executive officers, sovereign wealth funds representatives and corporate investors.
Senior Ministers Chancellor George Osborne, Energy Secretary Ed Davey, Trade Minister Lord Green, Treasury Ministers Greg Clark and Lord Deighton and London Mayor Boris Johnson also spoke to delegates about the UK’s compelling offer as both a hub for global growth and an international investment destination.
Trade and Investment Minister Lord Green said: “Foreign investment creates hundreds of thousands of jobs and helps to increase the productivity and competitiveness of the UK economy. It’s a vital strand of the Government’s plan for growth.
“The 2012 Olympics were a once in a generation opportunity for the UK to showcase to the world Britain’s compelling investment offer and these preliminary figures are very encouraging. Despite strong competition from our traditional competitors and emerging economies, Britain has retained its position as the leading destination for foreign direct investment in Europe.
“To retain the UK’s enviable position as one of the most attractive global locations of choice, Britain will need to continue to work hard to attract high value foreign investment in the coming year and beyond.“
The preliminary data published today compares favourably with last year’s 1406 recorded projects (4% increase) and 112,659 jobs (45% increase). Of the 163,489 jobs, 58,170 are new jobs and 105,319 safeguarded jobs. UKTI and its partners were involved in delivering nearly 84% of the projects. Full results will be published in July.
Speaking at the CBI’s conference in London, the Prime Minister said the Government will embark on radical reforms to speed up key decisions that will boost economic growth and “eliminate bureaucratic rubbish”.
In a wide-ranging keynote speech, Mr Cameron said the UK was in the “economic equivalent of war” but hailed signs that Britain was again “selling to the world”. “Frankly, we need this buccaneering, deal-making, hungry spirit now more than ever,” he said.
The prime minister said he had taken “massive steps towards leaner, faster government” but acknowledged that more needed to be done to speed up decision making.
“We urgently needed to get a grip on this,” he said. “Whitehall had become too risk-averse – too willing to say ‘no’ instead of ‘yes’”.
Mr Cameron said the Government would restrict the use of “time-wasting” judicial review applications and reduce the time limit for people to bring their cases as well as charge more for reviews.
He also pledged to stop a “new torrent of rules and regulations” from Brussels that threatened to slow the development of county’s economy, pledging to ensure that new roads and infrastructure projects are build more quickly and efficiently.
You can read the full speech of Prime Minister David Cameron from here.
The announcement comes after the Prime Minister, David Cameron, visited the site and showed his support for the project in an attempt to prevent planning levy for local infrastructure being double-charged and cut red tape.
David Cameron said: “Already the changes we are making to the planning system are having an impact, with Land Securities giving the go-ahead to a major multi-million pound investment, supporting thousands of jobs in our construction industry.”
The scheme is designed by Lynch Architects and it comprises of two new buildings: The Zig Zag Building, a 190,000 sq ft office building over 14 floors with a staggered façade; and Kings Gate, a 12 storey residential building comprising 100 apartments.
Both buildings will provide a new and enhanced retail space with 45,000 sq ft of space, together with considerable improvements to the public realm benefitting the wider Victoria area. The buildings are planned to complete in summer 2015.
Robert Noel, Chief Executive of Land Securities said: “It is heartening to know that the Government has listened to the industry and acted to remove some of the uncertainty in the planning process.
“It enables us to progress with developing the former Kingsgate House site and continue to transform Victoria into a distinct and vibrant West End hub where people choose to live, work and visit.
“Our experience with our current developments demonstrates that Victoria is proving attractive to potential occupiers. This project will further add to its appeal.”
The scheme will also provide an affordable housing contribution of £11.6 million which will be directed towards the provision of affordable development in the Westminster area.
Over forty organisations have today joined forces to set out a long-term vision for the development of offshore wind in the northern seas that will boost the green economy and create new jobs.
The new network, called Norstec, includes world leading manufacturers, cutting-edge developers, supply chain firms as well as industry bodies representing the trades.
Its mission is to maximise the energy potential generated across the northern sea region which will benefit businesses in the renewable industry and boost the trades.
Prime Minister David Cameron, who first introduced Norstec at the Clean Energy Ministerial in April, emphasised on the benefits offered by the production of clean energy and encouraged the use of renewable resources.
Mr Cameron said: “I continue to be strongly supportive of the UK offshore renewables sector and am delighted to see Norstec rising from the waves.
“As I said, when I launched this network last April, we are on the cusp of a second, clean energy revolution in the North Sea. Close collaboration between industry and government will be critical to making this happen.”
Energy and Climate Change Secretary, Edward Davey, said: “The offshore wind industry represents a massive growth opportunity for the UK and our neighbours around the northern seas, bringing jobs and re-energising once thriving industrial heartlands on the East Coast and beyond.
Mr Davey said that the Government is determined to work closely with businesses in order to make the most from offshore renewable resources.
He said: “Norstec will help the offshore wind industry in the northern seas to grow and create a new industrial revolution, driving economic growth across this part of Europe. I’m delighted to see the potential for offshore wind deployment in the northern seas set out so clearly and vividly.”
Trade Minister Lord Green and Olympic Ambassador Sebastian Coe vowed today to build on the success of the Olympics and Paralympic Games by working with industry to promote British skills around the world.
An Olympics Legacy programme of trade missions and companies in the building construction sector will build on the successful completion of the Olympic venue which is set to bring £13 billion to the UK in the coming months and years.
Olympics Legacy Ambassador to the Prime Minister, Sebastian Coe, said that the Olympic legacy which London 2012 left is ‘once-in-a-lifetime’ opportunity to showcase British business excellence to the world.
Coe, who is also a double Olympic Champion and 12-time world record holder in athletics, said: “The extraordinary success of the London 2012 Games has shown the best of Britain to the world and now our focus turns to securing a lasting legacy. We have already witnessed the incredible regeneration of east London, with world class facilities and a new urban park created.
“We now need to ensure that organisations up and down the country use the positive impact generated by the Games to reach out to new markets and grow their businesses.
“The British Business Embassy at Lancaster House has brought together business leaders from the UK and all over the world in a showcase of Britain’s industrial strengths and successes.”
Trade and Investment Minister, Lord Green, said that the Games have provided excellent chance to enhance Brittan’s business links with the rest of the world that will bring significant investment to the economy.
Mr Green said: “The British Business Embassy has hosted 4,000 business people from large and small firms alike. The connections they have made will deliver real economic dividends.
“We are now working hard, alongside firms around the country to follow up the contacts, networks, announcements and momentum created by the Games.”
“Deputy Prime Minister Nick Clegg says on TV that the Government’s planning changes are boost to solo traders in the trades”
The government is easing the planning rules on extending homes in England as part of a package to boost housebuilding and stimulate economic growth.
The Prime Minister and Deputy Prime Minister have announced a major housing and planning package which is set to build 70,000 new homes and create up to 140,000 construction jobs.
Speaking to BBC News this morning Nick Clegg said that people will be allowed to build up to 8-metre larger extensions to their houses without needing a planning permission. He argued that the relaxation of the planning regulations will create jobs and boost those professionals who are already working in the trades.
Clegg said: “The planning changes mean that people will get the local builder to extend their kitchen or conservatory which will create jobs and stimulate economic activity.”
The Deputy Prime Minister said that the package announced today includes investing hundreds of millions of pounds into building more affordable homes as well as a £40 billion guarantee for infrastructure projects to support the building construction industry.
The Prime Minister, David Cameron, said in a statement that the Government’s announcement will help people to build new homes and ‘kick-start’ the economy.
Mr Cameron said: “We’re determined to cut through the bureaucracy that holds us back. That starts with getting the planners off our backs, getting behind the businesses that have the ambition to expand and meeting the aspirations of families that want to buy or improve a home.”
- Removing restrictions on house builders to help unlock 75 000 homes currently stalled due to sites being commercially unviable. Developers who can prove that council’s costly affordable housing requirements make the project unviable will see them removed.
- New legislation for Government guarantees of up to £40 billion worth of major infrastructure projects and up to £10 billion of new homes. The Infrastructure (Financial Assistance) Bill will include guaranteeing the debt of Housing Associations and private sector developers.
- Up to 15,000 affordable homes and bring 5,000 empty homes back into use using new capital funding of £300m and the infrastructure guarantee
- An additional 5,000 homes built for rent at market rates in line with proposals outlined in Sir Adrian Montague’s report to Government on boosting the private rented sector
- Thousands of big commercial and residential applications to be directed to a major infrastructure fast track and where councils are poor developers can opt to have their decision taken by the Planning Inspectorate.
- Calling time on poor performing town hall planning departments, putting the worst into ‘special measures’ if they have failed to improve the speed and quality of their work and allowing developers to bypass councils. More applications also will go into a fast track appeal process.
- 16,500 first-time buyers helped with a £280m extension of the successful ‘FirstBuy’ scheme, which offers aspiring homeowners a much-needed deposit and a crucial first step on the housing ladder.
- For a time limited period, slashing planning red tape, including sweeping away the rules and bureaucracy that prevent families and businesses from making improvements to their properties, helping tens of thousands of home owners and companies.
Speaking today at the largest trade and investment event ever held in Britain, Prime Minister David Cameron said that the £8 billion development of the Battersea Power Station in South West London will create 20, 000 jobs during its construction.
The mixed development will contain homes, office space, a hotel and retail space and will see the Northern Line extended with a new transportation hub at the Power Station site.
The Global Investment Conference, launched by the Prime Minister, is the first of a series of global business summits being held in London to showcase the UK during the Olympic and Paralympic Games. The event is expected to generate hundreds of thousands of new jobs for people in the trades.
The conference kicks off the largest and most ambitious set of trade events held in Britain. During the six weeks of the Games, the British Business Embassy will host 17 global business summits that will bring over £1 billion of deals and projects.
These events will allow more than 4,000 business leaders and politicians to exchange views and ideas, discuss local and international economic challenges as well as develop strong global partnerships for future growth and showcase the best of British business to the world.
Chancellor George Osborne said: “Britain has always been a country that is open to the world. In hosting the Olympic Games, we are showcasing that openness. As we welcome the world’s best athletes, we also welcome the world’s best companies – so that they can succeed, invest, and create jobs in Britain.”
Business Secretary Vince Cable said: “Tomorrow we welcome the world to London as the 2012 Olympic Games get underway. This summer is more than just a great sporting spectacle – it is an unrivalled opportunity to promote the best of British industry and make the most of our openness to foreign trade and investment.”
This month, the UN’s World Investment Report showed that the UK had retained its place as the number one destination in Europe for inward investment. The report showed that there were almost 60,000 new jobs created last year as a result of inward investment.
What is your reaction to the Global Investment Conference that could bring billions of pounds to the UK economy? How much of an impact will the Olympics have on your business? Share your thoughts by commenting here or raising your voice on our Facebook and Twitter page.
“Growth-boosting railway projects to help for the creation of new electrical, plumbing and engineering jobs”
The Government has announced a £9.4 billion infrastructure investment package that will deliver sustainable economic growth and pave the way for thousands of new jobs for people in the trades, the Department for Transport revealed today.
The plan includes the electrification of a number of railway schemes including the Midland Main Line between Bedford and Sheffield creating new jobs in the electrical engineering sector.
Other rail improvements contributing for the creation of more employment opportunities for trade professionals including electricians and engineers, have been announced for the Manchester area, south Wales and East Coast Main Line
Prime Minister David Cameron called it the “biggest modernisation of our railways since the Victorian era” with the deputy Prime Minister, Nick Clegg, naming it as “the biggest expansion in railways in over 150 years”.
The £9 billion investment of growth-boosting railway upgrades across England and Wales will mean faster journey, more reliable services and an increased capacity for 140,000 extra daily commutes, Transport Secretary Justine Greening said in a statement.
Prime Minister David Cameron said: “From Crossrail, high speed rail and now the billions of pounds of investment we are announcing today, this government is committed to taking the long term decisions to deliver growth and jobs.
“In what is the biggest modernisation of our railways since the Victorian era this investment will mean faster journeys, more seats, better access to stations, greater freight links and a truly world class rail network.”
Chancellor of the Exchequer George Osborne commented he was pleased with the government’s decision to fund in full the Northern Hub which will help rebalance the UK economy and enable future economic growth throughout the regions.
Mr Osborne said: “This government is making more funds available to invest in rail projects than at any time since the Victorian era, and shows that the government is committed to delivering on its promises to support investment in public infrastructure that will support economic growth.”
As reported on the BBC website some of the newly announced major improvements include:
- Electrification – completion of the Midland Main Line from Bedford to Sheffield costing £800m, local lines in the Welsh Valleys, costing £600m, and an extension of the already-announced electrification between Manchester and Leeds
- The Northern Hub – a series of projects around Manchester worth £322m that improve northern rail capacity to get more and faster trains across the north of England
- Upgrades to the East Coast Main Line from London to Leeds and Newcastle worth £240m to create faster journeys and capacity
- The reopening of the east-west link from Oxford and Aylesbury to Milton Keynes
- Electrification of the lines from London to Bristol and Cardiff, and from Manchester to Liverpool, Blackpool and Leeds
- Upgrades to stations and tracks creating capacity for an additional 140,000 daily rail commutes at peak times, including £350m for lengthening platforms at London’s Waterloo station
What’s your reaction to the huge investment in rail infrastructure projects across England and Wales which is expected to boost the economy and create new jobs? Share your thoughts by commenting here or raising your voice on our Facebook and Twitter page.
“The CBI is urging the government to get its act together and accelerate infrastructure investment”
The CBI Director General, John Cridland, has urged the government in a Financial Times interview to speed up the implementation of its plan for economic growth by accelerating housing and infrastructure projects across the UK.
The head of Britain’s top business lobbying organisation criticised the government over some delays in road improvement plans and the failure to agree renewable energy subsidies, which according to the CBI are vitally important for boosting economic growth.
“I think it is really disappointing how long it is taking to get momentum and urgency into the growth plan.” The Director General told the Financial Times.
Meanwhile, CBI Director for Business and Environment, Rhian Kelly launched, Creating Britain’s future, a new campaign for the UK’s Contractors Group, highlighting the crucial role that the construction sector plays for the creation of new jobs.
Ms Kelly said: “Our analysis shows that the construction sector has the potential to create 215,000 jobs across the UK and throughout the supply chain.
“It is more important than ever that we recognise the role of construction, both as a catalyst for local job creation across the UK in the short-term, and as the lead mover in the £250bn infrastructure renewal needed to underpin economic growth in the long-term.
“To get spades in the ground on infrastructure delivery, there must be an urgent focus across the UK on bringing forward repair, maintenance and improvement projects, for example on roads, to deliver immediate and tangible results in terms of local jobs and growth.”
Do you share the view of the CBI about the huge potential for growth and the creation of new jobs in the construction industry? How viable do you think is this statement for your business?
The Confederation of British Industry (CBI) has urged the government to boost economic growth by giving a greater emphasis on infrastructure projects in the UK.
In a new report published today, the CBI has recommended to the Treasury to enhance the credit rating of government construction schemes and raise public funds that will secure private business investment, unlocking billions of pounds to the UK economy.
According to the CBI Director-General, John Cridland, infrastructure investment will offer the UK a sustainable growth development that businesses need.
Mr Cridland said: “As this report makes clear, if we want to see the billions of pounds needed to upgrade our ageing infrastructure and secure jobs and growth for the long-term, the Government must make smarter use of limited public finances. By underpinning and lifting the credit rating of certain infrastructure assets, it can make them less risky and more attractive to investors.
The CBI says that harnessing just a 1 per cent increase from the UK’s pension fund will give a ‘vital boost’ to the UK’s underfunded infrastructure networks and make them more attractive to investors.
Do you welcome the recent report by the CBI that urges the government to make significant improvements to infrastructure schemes in the UK? Share your thoughts by leaving a comment below or adding your voice on our Facebook Page:
The UK’s Green Business Building Council (UK-GBC) has urged the government to show renewed leadership on green issues which will create more jobs and encourage economic growth.
Appropriate government intervention in energy schemes, more incentives for the development of green infrastructure and strong support for businesses across Britain should be the key priorities for the government to get Britain’s economy back on track, according to the Chief Executive of UK-GBC, Paul King.
The CEO thinks that despite the current economic difficulties in the construction industry, the government could do more to help economic recovery by making sustainable investment into the green economy.
He said: “The construction sector is suffering at the moment but it could play a key role in getting the UK’s economy back on track – with energy efficiency and green infrastructure central to economic recovery. Unfortunately, deregulation is not a miracle cure – in fact we probably need greater intervention from Government – for example bringing in incentives like reduced Stamp Duty to encourage households to take up the Green Deal, and helping the commercial sector cut energy use.”
Responding to the Queen’s Speech to Parliament, Mr King said: “We really need to see the Energy Bill announced today provide a vehicle for the long-awaited roll-out of Display Energy Certificates, which would help UK businesses save money.”
Do you think the government could do more to help the growth of Britain’s economy? Share your thoughts by leaving a comment below:
As part of her speech to Parliament yesterday, Her Majesty the Queen introduced Electricity Market Reform to encourage more investment in low carbon generation and clean energy.
The Queen said: “My Government will propose reform of the electricity market to deliver secure, clean and affordable electricity and ensure prices are fair”.
The Electricity Market Reform will put more restrictions on the emissions of new coal plants and create a new independent regulator, the Office for Nuclear Regulation, which will be funded by the industry, the BBC reported.
The Renewable Energy Association welcomed proposals for new energy bill. It said said that the industry will need to know its details as soon as possible in order to adjust and protect developers in the renewable sector.
Chief Executive of the REA, Gaynor Hartnell, said: “The new arrangements aim to deliver a stable price for renewable electricity generators, irrespective of what happens to electricity prices. If all works as intended, it should make project development less risky and means that the public pays no more than it needs to for green power.”
What is your reaction to the Queen’s speech? How do you think the proposed reform will help you or your business? Share your thoughts by leaving a comment below:
Prime Minister David Cameron has welcomed a £350 million investment for energy projects which will create hundreds of new jobs across the UK, the official website of Number 10 Downing Street announced today.
The Prime Minister, who attended Clean Energy Ministerial Conference in London, told ministers from the world’s most polluting countries that he passionately believed in the rapid growth of renewable energy.
Mr Cameron emphasised the contribution that Britain has already made in the renewable energy sector, Britain has invested a total value of £4.7 billion and supported 15,000 jobs in the UK’s renewable industry
He said: “Renewables are now the fastest growing energy source on the planet. And I am proud that Britain has played a leading role at the forefront of this green energy revolution.
“Britain has gone from virtually no capacity for renewables, to seeing them provide almost 10 per cent of our total electricity needs last year. And we’ve added more capacity for renewables in the last two years than at any time in the last decade.”
The Prime Minister said: “Our commitment and investment in renewable energy has helped to make renewable energy possible. Now we have a different challenge. We need to make it financially sustainable.”
The Renewable Energy Association (REA) welcomed the acknowledgment by the Prime Minister today that the renewables are the fastest growing energy sector in the world, but said that the government should understand better the benefits of renewable energy investment, including the creation of more jobs.
The Chairman at REA, Martin Wright, said: “There is a tendency to focus on the costs of renewables as opposed to the benefits. Renewables give us energy independence, they are totally sustainable, there is no waste, and in the long term they will provide low cost energy and, above all, price stability.”
What is your reaction to the address by David Cameron to the renewable energy sector? Do you feel more optimistic about the future of renewables in the UK? Share your thoughts by leaving a comment below:
Plans to increase airport capacity in Britain and build a third runway at London Heathrow are likely to be supported by the government despite environmentalists’ concerns.
Both David Cameron and George Osborne, have reviewed their initial decision to rule out future expansion for a third runway at Heathrow Airport. It will deal with increased trade capacity and high volume of extra passengers –the Guardian reported yesterday.
Business leaders have expressed concerns that if a third runway at London Heathrow is not built, trade might move elsewhere in Europe which could have a negative effect on future economic growth in Britain.
Expansion in some of Britain’s largest airports would create work opportunities for thousands of people in the building construction industry, creating new jobs and boosting civil engineering recruitment.
In the Budget Statement last Wednesday, Chancellor George Osborne, said the government will optimise air capacity. It is expected a report on aviation policy to be published, aiming to help businesses to trade better and make further improvement into airport capacity.
Tim Yeo, the Tory Chairman of the Energy and Climate Change Select Committee, told the Guardian that he had “completely changed” his mind on the Heathrow expansion plans and now believed there was no option but to build a third runway; this will ensure that the south of England will remain a worldwide aviation hub.
The Prime Minister said that he recognises the need for expanding airport capacity in Britain and that the government is looking at ways of helping businesses to make the most of country’s aviation capacity.
Mr Cameron said: “I’m not blind to the need to increase airport capacity, particularly in the South-East” adding, “Gatwick is emerging as a business airport for London under a new owner, competing with Heathrow.”
What is your reaction to the expansion of airport capacity at London Heathrow? Do you think construction work at Britain’s major airports will help your business? Share your thoughts by leaving a comment below:
The pharmaceutical giant GlaxoSmithKline (GSK) has confirmed an investment of £500 million across its manufacturing sites to increase production of its products whilst providing a major boost for the UK’s construction and manufacturing industry.
The company announced today it will build a new state-of-the-art manufacturing facility in Cumbria, North of England. An investment of £350 million for building the new facility would create hundreds of jobs and provide work opportunities for people in the building sector.
Building construction work is anticipated to begin within the next two years depending on obtaining the necessary planning consents. It is likely to take up to 6 years before the new facility is entirely completed.
The significant investment comes after Chancellor of the Exchequer, George Osborne, confirmed yesterday in Budget 2012, the government’s commitment to introduce a lower rate of corporation tax on profits generated from UK-owned intellectual property.
Chief Executive at GSK, Sir Andrew Witty, said: “The introduction of the patent box has transformed the way in which we view the UK as a location for new investments, ensuring that the medicines of the future will not only be discovered, but can also continue to be made here in Britain.”
Prime Minister David Cameron welcomed the investment as “excellent news” for businesses saying that cutting business tax will attract further investment to the British economy.
“It shows why we are right to cut business tax and focus on making the UK a dynamic and competitive place that can attract exactly this type of high tech investment.”- Mr Cameron said.
Additional investment of more than £100 million was also confirmed for GSK’s two manufacturing sites in Irvine and Montrose, Scotland. The company also said that it will invest in sustainable green energy production and environmentally friendly manufacturing technologies in the future.
One of the UK’s largest building distributors, SIG, has reported a rise of 3.9% in sales of building materials for the construction industry. The positive news comes as the demand for contractors, builders and construction companies continues to rise due to a return in confidence in the housing market.
Growth figures are considered to be a result of improved trading conditions and recent government investments aiming to boost the building construction sector.
The government made the announcement this week to help up to 100,000 people in England buy their own homes. The recent scheme,‘NewBuy’, will further increase demand for new build homes and unlock the housing market, Prime Minister, David Cameron said on Monday.
SIG’s pre-tax profits reached £81.7 million when the group is planning to open more than 15 new branches in the future. The current housing shortage in the UK is expected to encourage building of more new homes as well as increase employment across the construction sector.
Chief Executive at SIG, Chris Davies, thinks that despite the current uncertainties in the macroeconomic environment the company will continue with its positive performance.
Mr Davies said: “We enter 2012 as a much leaner, stronger and more focused organisation. Sales per day in constant currency so far this year were around 1% ahead of strong prior year comparators, despite the impact of severe weather across mainland Europe in February this year.”
What is your reaction to the improved sales figures of SIG, suggesting that the construction sector is better now off than it used to be a few years ago? Share your thoughts by leaving a comment on Train4TradeSkills’ Facebook and Twitter pages:
Prime Minister, David Cameron, has today launched a new housing scheme for England which will boost demand for newly built homes and increase employment in the building construction sector.
Under the new loan guarantee programme, NewBuy, the government is investing £1 billion into an affordable mortgage guarantee scheme which will help up to 100,000 people across England to buy their own home by paying a lower deposit rate.
Andy Gray, head of mortgages for Barclays, said: “We believe this will boost housing market confidence and support the flow of new housing, providing positive consequences for jobs and the economy as a whole.”
Speaking at a construction site in South London today, Mr Cameron said that the government will do everything it can to help those who want to buy their own home. The Prime Minister believes the new scheme will boost the construction industry and unlock the housing market.
Mr Cameron said: “The problem today is that we have lenders who are not lending, so builders cannot build, so the buyers cannot buy and it needs the government to step in and help unblock the market.”
The NewBuy housing scheme will boost the supply of properties, increase employment opportunities for people in the construction industry and provide affordable mortgages to those with lower incomes. The scheme is also expected to boost the national economy by the construction of additional homes.
What is your reaction to the NewBuy scheme announced by Prime Minister Cameron today? Do you think it will help home buyers with lower incomes to secure their first home? Share with us what the benefits will be for the construction sector by leaving a comment below:
Although the building construction sector remains one of the most stable industries in the UK, the CBI thinks greater investment is needed for infrastructure projects to encourage continual growth and business confidence.
The CBI has proposed a number of measures for the government as an opportunity to provide real boost for private sector investments in infrastructure schemes and give more support to small and medium businesses.
General Director at CBI, John Cridland, explained that the government should use Chancellor’s budget statement next month to deliver significant financial stimulus to make mortgages more affordable to the housing market.
Mr Cridland thinks future growth through reforms of the UK’s tax system is essential for businesses to invest in Britain. He is calling on the government to make some changes into the current system which will create new opportunities for growth.
Mr Cridland highlighted the significance of infrastructure investment as one of the most important priorities which the government needs to support in order to encourage industry’s growth and create permanent jobs.
He said: “Delivering private sector investment in infrastructure, supporting mid-sized businesses, hammering out the details on credit easing, extending the Youth Contract to 16 and 17-year-olds, and introducing the New Build Indemnity Scheme for mortgages at the earliest opportunity will all provide a real boost for UK growth and jobs.”
Do you agree with the CBI that the infrastructure industry is a key factor for economic growth and creating new jobs? Share your thoughts by leaving a comment below:
The Prime Minister, David Cameron, has written to 100 Conservative MPs, who recently complained about wind farm subsidies and demanded cuts to the £500 million a year, paid to the wind power industry.
The 100 MPs, who wrote to the Prime Minister last month, expressed concerns that wind farm proposals are not welcomed by local residents and that they might damage the natural landscape of Britain.
The Prime Minister shared a robust defence of the government’s plans to continue with its commitment to support renewable energy projects across the UK. Mr Cameron echoed strong support for wind farm subsidies, describing them as vital investment for the creation of green jobs and reducing carbon emissions.
Mr Cameron said: “On-shore wind plays a role in a balanced UK electricity mix, alongside gas, nuclear, cleaner coal and other forms of renewable energy, a portfolio of different supplies enhances energy security and prevents the UK from becoming over-reliant on gas imports.”
However, Mr Cameron said he sympathised with local residents’ concerns but the national interest of Britain had to be considered in order to fulfil its commitment to meet targets for renewable energy and to cut greenhouse gas emissions.
What is your reaction to the Prime Minister’s support for the renewable industry? Are you more optimistic about the future of wind farms after Cameron’s backing? Share your thoughts by leaving a comment below: