October 2010
The government spending review, to be published 20 October, will be one of the most important events in the UK for many years. Its impact on the sectors in which Halcrow works within the UK is likely to be significant.
With £66 billion of public spending savings to be found over the next four years to help reduce the annual public deficit, the nation waits to know where the axe will fall the hardest, when and which spending areas will suffer least.
However, the government will also spell out how it plans to offset cuts by encouraging more private sector investment and implementing the ‘big society’ idea to change the roles played by the state and local communities in funding and delivering public services.
Spending on infrastructure areas, such as transport, energy, environment, planning and housing will not escape the cuts. The implications of the review, in terms of reduced budgets and required reforms, are likely to be significant.
On 21 October, Halcrow’s economics team will publish a summary of the infrastructure measures that have been announced and provide an immediate assessment about what are likely to be the implications for the sectors in which Halcrow works. The team will also summarise the government’s latest assessment of the country’s economic prospects.
Halcrow’s chief economist Andrew Price said: “We hope our assessment will provoke lively debate on how Halcrow, our clients and the infrastructure sectors in which we operate will need to respond to this new era of fiscal austerity. Make sure you have your say by joining our economics blog on Halcrow.com.” Click here to view the blog.
Other documents, providing more details on the cuts and reforms in specific infrastructure areas, are likely to be published in the days and weeks after the spending review and the team will monitor these announcements and provide further assessments.