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Achieving £400Bn In Annual Financial Output And 4 Million New Jobs Are Targets Under The Government’s Vision For The Oxford-Cambridge Arc
Connecting the internationally recognised academic and research powerhouses of Cambridge and Oxford by way of new infrastructure links across the region and ramping up digital connectivity between individuals, organisations and businesses occupying the zone is all part of the ambition.
Along with a new post-Brexit contract tendering regime on the table for how the public sector goes about procuring building works (an estimate of £37BN to be spent on public works during 2021), the Government wants to ensure that construction is delivered better, faster and greener.
With reports in the past week that almost 100,000 small construction businesses are now facing financial difficulties, this is an issue for employers, building supply chains as well as contractors. So, what is happening and what are the options to minimise the risk?
Brexit, COVID-19, Suez Canal blockages have all contributed to double digit price rises for building materials resulting in shortages and putting pressure on construction contract pricing.
Despite pressure from construction trade bodies, as of 1 March 2021 a new VAT reverse charge policy must be used for many forms of building and construction works services supply. The changes apply to individuals or businesses who are VAT registered in the UK and who are registered for the Construction Industry Tax Scheme (CIS).
If you are a contractor, construction professional or materials supplier to the public sector, or a client subject to the public procurement rules when it comes to contracting for works, services or supplies, keep a close eye on post Brexit changes to the applicable legal regime.