UK construction and property
- Output | Data from the ONS shows that all new work in the construction industry fell 0.6% in April 2023. All new work fell 1%, mainly due to private work.
- Retentions | A proposed clause to the Procurement Bill which would mandate project bank accounts in public sector projects over £2m was blocked in the Commons.
- Infrastructure | In giving evidence to the London Assembly Budget and Performance Committee, Transport for London said that a lack of long-term funding clarity from the Government means that the “pipeline of major enhancements and renewals has slowed down” and that Crossrail 2 has moved from a current priority to a future one. TFL’s current funding deal with the Government runs out in March 2024.