The UK is facing a near-perfect storm of economic headwinds, fuelled by inflation, rising interest rates and slumping demand. Construction firms, which face higher energy costs and rising prices for essential materials, can weather this, but it’s going to be tough.
Thanks to Brexit and the covid pandemic-related supply chain issues the cost of building materials – everything from bricks to timber and steel – soared during 2020 and 2021. Just as this situation began to ease, Russia’s invasion of Ukraine piled yet more cost pressures on a number of key products. How can the industry mitigate these and meet the demand for new homes, infrastructure schemes and other projects?
COVID-19, Brexit and booming demand are combining to drive up prices f or the essential materials the U.K.’s construction sector desperately needs