12 Jul 2024

Industry leaders respond to UK Chancellor of the Exchequer’s economic and housing strategies

UK Chancellor of the Exchequer

In response to the UK Chancellor of the Exchequer’s recent speech, Stephen Phipson, Chief Executive of Make UK, expressed support for the government’s proactive approach to economic growth. Phipson praised the government’s determination to focus on promoting economic development and described it as a significant move that has the potential to enhance the UK’s stability as an attractive business destination.

Phipson emphasised the urgency of addressing the country’s current sluggish economic growth rate, highlighting the necessity for investments in public services and critical infrastructure. He underscored the importance of a robust Industrial Strategy to foster growth and advocated for a collaborative effort between the government and industry at both national and regional levels. Phipson also called for a comprehensive review of the Apprentice Levy and the Technical Education system to address the skills gap, and he noted that the government’s ambitious housing targets could be a catalyst for the growth of modular home construction in the UK.

Acknowledging the challenges posed by the uncertain international climate and the difficult economic inheritance, Phipson commended the government’s clear focus on stimulating growth.

On the housing front, Daniel Paterson, Director of Policy at Make UK Modular, expressed enthusiasm about collaborating with the government on its ambitious building agenda. Paterson noted that the Labour Party had previously outlined a bold plan during the election campaign, and he welcomed the Chancellor’s emphasis on growth through housing and infrastructure development. Paterson affirmed that leaders in the modular and Modern Methods of Construction (MMC) sectors are ready to contribute to achieving the target of 1.5 million new homes by the end of the current parliament.

Paterson also welcomed the Chancellor’s commitment to reinstating housing targets, allocating new funding for planning officers, and overhauling the UK’s planning system—issues that Make UK Modular has long advocated for. He expressed support for the planned consultation on the National Planning Policy Framework and the initiative to ensure universal coverage for local plans, considering these steps crucial for revitalising the UK’s housing market and meeting the urgent need for new homes across the country.

Company info: Smart Futures