Dr David Crosthwaite, chief economist at BCIS, said:

“Reeves announced £100 billion in capital spending over the next five-years with the mantra “invest, invest, invest” but I’m not convinced this is a budget for growth.

“There are conflicting announcements, and as it stands the investment outlined in the Budget is unlikely to make a material difference to the construction sector and “get Britain building again” – a stated aim of the Government.

“I was hoping for something a little more radical, but perhaps that will come in the Spending Review next spring.

“We really need the Government to invest in fixed capital programmes that will actually “get Britain building again” and drive wider economic growth. Four months in and this feels like a missed opportunity for the new Government.

“The Government did announce spending on construction projects, such as schools, social housing and transport to name a few.

“However, it still remains unclear how the Government intends to meet its self-imposed target of building 1.5 million homes over the life of the Parliament, without tackling the existing skills shortage.

“The resurrection of the HS2 link from Old Oak Common to Euston is a positive move, but we need more commitment to other infrastructure projects in the pipeline with the Lower Thames Crossing project a prime example.”

BCIS is the leading independent provider of cost data to the built environment.