three Rs of recovery
roadmap to recovery
construction leadership council’s COVID-19 task force.
The construction industry sits at the forefront of the national economic recovery in the UK, with 3.1 million workers and exports of billions of pounds worth of products and services.
what are the key strategic priorities for construction recovery post-COVID-19?
- Increasing wealth and success of the UK
- Modernisation in digital and manufacturing technologies
- Generating safer buildings
the three Rs of construction recovery.
The plan set out across 2 years highlights the basic need to address the current situation, adapt and overcome challenges presented by COVID-19 and to evolve into a better workforce post-pandemic. With time to reflect and assess the current situation nationally and globally a green initiative has been highlighted and greater importance placed on the value of construction across the country to continued growth and success fo the economy.
commitment to construction
Following the Government's announcement to Build, Build, Build. Rishi Sunak, (Chancellor of the Exchequer) outlined further support to the country of a furlough bonus, a stamp duty break and a £3bn green building plan to get construction moving again during the summer budget update.
Mr Sunak pledged two billion in the Green Homes Grant, and one billion to make public sector buildings greener, during the second phase of the COVID-19 response from the goverment.
The Green Homes Grant allows homeowners and landlords to apply for vouchers towards energy-efficient improvements, with the government covering at least two thirds of the cost up to £5,000 per household.
For low-income households, the vouchers will cover the full cost up to £10,000, while social housing will receive £50m to pilot green fit-outs including wall insulation and heat pumps.
Aimed for a September launch, the government presents ideal energy efficiency measures, along with details of accredited local suppliers. Once the suppliers have provided a quote, the voucher would be issued.
The measures would see up to 650,000 homes retrofitted and create 140,000 green jobs.
a pause on stamp duty.
Exempting the first £500,000 of all property sales from tax, under the changes, homebuyers in England and Northern Ireland will not pay any tax on homes up to £500,000 until 31 March 2021. This applies to first home buyers and those who have owned property before.
The average stamp duty saving will be £4,500, with nine out of ten buyers this year now paying no stamp duty at all on purchases.
job retention bonus.
In an effort to prevent redundancies, the job retention bonus looks to “reward and incentivise” businesses that retain staff once the Jobs Retention Scheme (furlough) ends in October.
Businesses will be able to claim £1,000 for every worker brought back from furlough and kept in work for at least three months. To qualify, workers must be paid at least £520 per month on average when they are brought back and be continuously employed from November to the end of January.
investing in youth.
Businesses will be paid £1,000 to hire trainees, with a £100m fund in place to support high-demand sectors such as engineering, construction and social care.
£2billion has also been pledged for the Kickstart scheme for young people to create new jobs for 16-24 year olds at risk of long-term unemployment and will pay a minimum of 25 hours per week paid and at least the national minimum wage.