The Hire Association welcomes the additional capital investment in national infrastructure announced by the Chancellor. Hire companies are key enablers of construction, homebuilding and infrastructure works.
Clearly, economic uncertainty and weakening consumer demand, plus growing inflationary pressures are impacting on growth expectations and confidence.
Prioritising infrastructure will help to unlock the potential for building new homes, improve connectivity and address congestion pinch points.
Hire employers were surprised at the lack of mention regarding the Apprenticeship Levy - a highly significant new business tax due to start next April. Many of the details remain unclear.
Graham Arundell, Managing Director, HAE EHA said; “The Chancellor's analysis is very much to invest as a buffer against the uncertain times ahead as we approach exiting the EU. At the same time, the hire sector will be a vital component in realising this investment on the ground, whether building new homes, modernising roads and railways, and widening next generation digital connectivity.”