Budget comment from Richard Steer, chairman of Gleeds worldwide
My overriding feeling is one of great pessimism, I am afraid this budget has as much credibility as the ingredients list on supermarket Beef Lasagne.
So many previous targets missed, so many previous incorrect forecasts and a limited infrastructure boost that looks good on paper but so did the £4.7 billion of capital expenditure promised in 2011 and the £5.5billion promised the year after that has yet to make an impact. The new announcements on housing lending may grab the headlines but, frankly, this is not a large enough part of the industry to help do more than further boost the house builders share prices. We have 400,000 jobs lost in construction since the downturn and 8 contractors disappearing every day – I just don’t see the immediate stimulus needed from today’s announcements.
Richard Steer, Chairman of Gleeds Worldwide