Why so secretive? Sunak blasted for ‘surreptitious’ industrial strategy Sunak's guilty secret A set of cross-party former business secretaries have launched a stinging attack on Rishi Sunak over his apparent lack of a cohesive industrial strategy. Ex-ministers Greg Clark, Peter Mandelson and Vince Cable told the Financial Times the Prime Minister was being so “surreptitious” that his strategy for industry was a “guilty secret”. Clark, Conservative business [...]
Taylor Wimpey axed 450 jobs as construction giant sounds housing market warning Taylor Wimpey Up to 450 jobs have been cut as home construction firm Taylor Wimpey as it looks to deliver £19m in cost savings. Ahead of its AGM today, the London-listed firm said spring had helped in year to date sales, while severe challenges remained for first time buyers still. In a trading update, it said a [...]
IN PICTURES: See Manchester City’s plans for £300m upgrade to Etihad Stadium Major step taken Premier League champions Manchester City have formally submitted a planning application for a £300m upgrade of their Etihad Stadium that would take capacity to more than 60,000. The improvements are centred on the North Stand, which is to get a new, enlarged upper tier and will connect to a new complex featuring a hotel, club [...]
Is HS2 holding up the UK’s construction industry? Output up but housebuilding continues to fall April 6, 2023 Civil engineering rose at its highest level since 2009 in March, according to a leading global index which measures the monthly construction output of the UK economy. At 50.7 in March, the headline seasonally adjusted S&P Global /CIPS UK Construction Purchasing Managers’ Index (PMI) – which measures month-on-month changes in total industry activity – was [...]
Michael Gove: Four more firms signed up to Grenfell safety contracts after being named and shamed March 24, 2023 Michael Gove said four more companies have signed up to post-Grenfell building safety contracts after he named and shamed some of the firms earlier this month that had not signed up to the agreement. The Communities Secretary had given companies until March 13 to sign up to the agreement aimed at addressing cladding issues following [...]
10 construction firms fined £60m for ‘illegally colluding’ to rig contracts including for Selfridges and 135 Bishopsgate March 23, 2023 The UK competition watchdog has fined 10 construction firms a total of almost £60 million for “illegally colluding” to rig bids for contracts. The construction firms have been punished over cartel agreements related to 19 contracts worth over £150 million on both public and private sector contracts. The Competition and Markets Authority (CMA) said the [...]
Marshalls boss defends £535m Marley takeover despite tumbling share price and falling profits March 15, 2023 Marshalls boss Martyn Coffey has defended the company’s £535m acquisition of Marley last year despite a hit to profits and share prices.
Travis Perkins: Toolstation owner slashed 400 jobs and 19 branches as slowdown hit construction sector February 28, 2023 Builders’ merchant Travis Perkins has revealed it axed 400 jobs and shut 19 branches at the end of last year as a slowdown in the construction sector hit its bottom line. The group, which owns the Toolstation chain, said it was forced to take some “difficult decisions” to slash costs by £25 million this year. [...]
Affordable homes: London targets not being met despite 50 per cent rise in construction projects, claim Tories February 14, 2023 London mayor Sadiq Khan has been criticised for being behind on building targets for affordable homes, despite new construction projects increasing on last year. City Hall says 900 more affordable homes were completed in the financial year to December 2022 than in the same period last year, a rise of 50 per cent. But Tory [...]
Pensions: Specialist insurer PIC strikes £400m Amey deal after £600m House of Fraser buy-in January 16, 2023 The specialist insurer that bought out House of Fraser’s pensions fund for £600m last year has completed a £400m deal to take over UK engineering firm Amey’s retirement scheme. Pension Insurance Corporation’s (PIC’s) deal will see the firm take responsibility for paying out 3,473 pensions, covering £400m worth of liabilities. Bulk purchase annuity (BPA) deals [...]