Richard Threlfall, KPMG’s UK head of infrastructure, building & construction, comments on the latest Markit/CIPS UK Construction PMI, which rose to 49.5 from 49.0 in August:
“Today’s figures confirm the growing nightmare not just for the UK construction industry but for the whole UK economy. With housebuilding activity dropping still further and commercial construction falling yet again, there is no obvious light at the end of the tunnel.
“We all want to wake up and find this isn’t real, but sadly it is. The only way out is for fast, determined action to stimulate growth across the construction industry. The house building sector and our utilities are where the Government needs to concentrate all its efforts.
“KPMG’s recent infrastructure survey with the CBI confirmed that business leaders want to see more action, less rhetoric. Last month we saw the Government announce £10 billion guarantees for the housing industry, on top of £40 billion of infrastructure guarantees and a Bank of England scheme to lower borrowing costs for households and smaller businesses. The implementation of these policy initiatives is now the key to getting new housing developments started and investment flowing into our rail, road and energy networks.”
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