Construction industry targeted in bid for economic growth
SMEs will be placed at the forefront of a brand new partnership between the government and the construction industry in a new bid to drive growth.
The key components of the new partnership include a commitment to reduce growth barriers for SMEs and a renewed focus on securing overseas contracts.
The construction industry was potentially hit as hard as any sector within the UK when the global financial crisis gathered momentum 5 years ago.
The financial impact was particularly hard on smaller outfits that may have looked to business recovery services as they struggled to stay afloat in a challenging climate. However, it is smaller companies who have been placed at the heart of this new strategy as the government recognises the role they could play in a strong economic drive.
Increased credit for those who need it most
One of the central aspects of the strategy involves a clear commitment to secure a significant increase in the number of suppliers who will be offering trade credit to small businesses. Such a move could be the catalyst for smaller companies to bid for new projects and subsequently stimulate growth through increased employment levels.
Business Secretary Vince Cable was bullish about the potential impact of the strategy.
“Today’s industrial strategy will help firms innovate and export more. It will also help train the next generation of construction workers and look at what skills gaps we need to fill,” Cable stated.
Property insolvency specialists
If you have a property which is tied up in an insolvency case, we have a specialist property team at Moorfields that has a wealth of experience supporting stakeholders in dealing with many of the complex issues which can surround these cases.
We can also assist directors, business leaders and stakeholders in making crucial decisions that will determine the financial future of their company. If your business is considering restructuring options, you may want to seek professional advice.