UK construction and property news
- Construction output | All work volume grew 1.3% in September and is now 1% below pre-pandemic levels according to data from the ONS. New work is still 3.5% lower than February 2020 with huge variations between sectors.
- VAT repayments | Contractors have reported significant delays in VAT repayment claims from HMRC following the move to reverse charge earlier this year.
- Shortages | House-builder Vistry is the latest firm to warn that labour inflation could continue into next year but that material pressures should ease earlier.
- Modular reactors | Rolls Royce has raised funding to build small modular nuclear reactors. The company will invest £195m alongside BNF Resources UK and Exelon Generation, unlocking a £210m in grant funding from UK Research and Innovation.
- Net zero | The UK Green Building Council has launched a Net Zero Whole Life Carbon Roadmap developed by 100 collaborating companies to set out a shared ambition to achieve net zero carbon by 2050.
- Rail plans | HS2’s eastern leg to Leeds is expected to be scrapped this week as the government publishes the long-awaited plan for rail upgrades on Thursday. A downgrade to the £39bn Northern Powerhouse Rail (NPR) scheme is expected, with a focus on upgrades to existing lines instead.