Government announces massive £22bn construction investment

A massive investment of £22 billion is to be made in construction projects, minister for the cabinet office Francis Maude has announced.

Addressing the Construction Procurement Conference, he said both the government and the industry have a “shared obligation to cut waste and find new and better ways of doing business”.

He noted the government’s Construction Strategy aims to cut the overall costs of erecting state-initiated projects by 20 per cent.

Therefore, a larger number of public buildings, including prisons, hospitals and schools, will be built with the same budget, the politician declared.

“Despite an incredibly difficult economic climate we are investing in and prioritising our construction industry,” Mr Maude commented.

His statement comes amid widespread concerns about the sector, with Richard Diment, director-general of the Federation of Master Builders, stating that rising unemployment in building firms could quickly damage the wider economy.

Further details on this investment and where the finances will be spent will be released in the autumn.

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