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Economic Week In Review | Issue 507 | 24 November 2025

UK construction and property

  • Construction insolvencies | In England and Wales, 291 construction firms became insolvent in September, slightly less than the 294 recorded in September 2023. In Scotland, 14 construction companies became insolvent, a slightly worse figure than September 2024’s 13.
  • Construction output | Glenigan’s Autumn Forecast predicts that UK construction output will rise by 21% over the next two years. Private housebuilding, commercial office projects, and public sector projects (social housing, health, and education) are expected to grow steadily.
  • Nuclear construction speed | A government task force has called for safe, faster, and cheaper nuclear plants after its review found that the UK is the most expensive place in the world to build nuclear. Its report criticizes the UK’s “overly complex” bureaucracy and calls for a radical reset of the sector.
  • Planning | Wednesday’s Budget is expected to announce an extra £48m to hire 350 new planners and launch a new Planning Careers hub to increase training and retention in the profession. A survey by the Royal Town Planning Institute (RTPI) found that 20% of planners retiring from the profession in the next three years do not have a clear replacement process. The RTPI has written a submission to the Budget, available here.
  • Sustainability demand | The Royal Institute of Chartered Surveyors 2025 Sustainability Report has revealed a global slowdown in the growth of sustainable buildings as well as a worrying lack of progress in carbon measurement.

Global economy

  • US economy | The US jobs data showed an increase in hiring, with 119,000 jobs added in September, more than double what many analysts had expected. However, the unemployment rate increased from 4.3% to 4.4%, the highest since 2021, complicating the Federal Reserve’s decision next month. Due to the recent prolonged US shutdown, this was the first data release for a while.
  • Trade | China has overtaken the US to become Germany’s leading trade partner once again. From January to September this year, the total trade between Germany and China increased slightly to almost €186 billion. During the same timeframe, trade between Germany and the US declined by nearly 4%, reaching just below €185 billion.
  • EU economy | The EU’s economy is expected to grow by 1.4% this year, driven in large part by Poland’s and Spain’s growth. The outlook is a slight improvement from last spring’s forecast of 1.1%. The unemployment rate in the EU is set to remain below 6% through 2027, while inflation will shrink to 2.2% within the same time period, according to the European Commission’s forecasts.

UK economy

  • UK borrowing surpassed forecasts in October, with the ONS revealing that public sector net borrowing had hit £17.4 billion. Borrowing in the current financial year has now also exceeded £100 billion, reaching £116.8 billion. This was nearly £10 billion higher than the figure projected by the OBR.
  • Inflation | The rate of consumer price inflation fell to 3.6% in the year to October. Prices are rising at their slowest pace for four months, helped by smaller increases in household energy costs and lower hotel costs. The biggest upward pressure on prices came from food and non-alcoholic drinks.

Materials and commodities

  • Steel | The UK steel industry has welcomed a new agreement that will see global producers adopt a common approach to the measurement of greenhouse gases and classifications of low-carbon steel. Currently, each region calculates GHG emissions in a slightly different way and has definitions of low-carbon steel that vary. Three major steel certification and standards bodies have signed up to the agreement at the COP30 climate conference. Combined, the agreements cover 60% of the world’s steel production.
  • Concrete re-use | The Sizewell nuclear concrete reuse initiative is reducing emissions and costs through a circular economy strategy. Concrete sourced from the decommissioned Sizewell A turbine hall has been crushed and certified in accordance with the WRAP Quality Protocol for reuse, serving as a sub-base for foundations in the Sizewell C Main Construction Area. This method has prevented 28 tonnes of CO2 emissions and removed approximately 800 vehicle trips, thereby decreasing local traffic and emissions.
  • Aluminium | The European Commission is preparing to restrict exports of aluminium scrap to stem the increasing outflow of what is deemed a critical secondary raw material from the bloc. The plan is expected to be finalised and adopted in spring 2026.
  • Environmental product declarations | Cement manufacturer Holcim has called for mandatory Environmental Product Declarations to be written into regulation and legislation.

Environment

  • Fuel tax | Singapore will become the first country to charge air passengers a green fuel tax as part of ongoing decarbonisation efforts. From the 1st of October 2026, the Civil Aviation Authority of Singapore will introduce a sustainable aviation fuel charge for travellers departing the country.

Friday to Friday

Price / Index Week %
change		 Annual %
change
FTSE 100 9,539.71 -1.64 15.46
FTSE 250 21,363.37 -2.09 3.80
Nikkei 48,625.88 -3.48 27.01
CSI 300 4,453.61 -3.77 15.21
S&P 500 6,602.99 -1.95 10.62
Nasdaq 22,273.08 -2.74 17.20
CAC 40 7,982.65 -2.40 10.03
Dax 23,091.87 -3.29 19.51
$ per £ 1.3098 -0.45 4.65
€ per £ 1.1384 0.53 -5.41
Gold £/oz 3,103.69 0.07 43.23
Brent Oil $/barrel 61.94 13.88 -17.60

Weekly Summary

This week’s Budget comes at a time when the construction sector is facing high demand, high costs, and slow growth. The sector is key to many of the government’s aims, so announcements should encourage growth, meaningfully help develop skills, and provide confidence in the UK’s public sector construction projects.

Author contact

Rachel Coleman
Rachel Coleman,
Associate Research Analyst
Kishan Patel
Kishan Patel,
Research Analyst

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