Mr Laws gave an overview of the Government’s current economic policy and looked ahead to the future of the economy in 2012, particularly focusing on the construction industry.
“The construction areas given priority by the Government are those that have an economic purpose for the investment”, he said, “And the obvious two are transport and housing. There is a strong rationale for continuing investment in these two areas because transport investments are helpful to the economy, and housing is beneficial for economic growth and for a country that has not been building enough homes for its population. For instance, Yarlington Homes in Yeovil has drawn up very ambitious plans for building new homes in this area – they intend to build more houses here in the next three years than have been built for the past eleven – and they have the balance sheet to do this, so there are construction opportunities out there.”
Talking about the wider UK economy, Mr Laws advised that there was a lot to be positive about in 2012. “Although we are in for a tough year, it shouldn’t be a year where some of the worst predictions are borne out. There are plenty of reasons for more optimism. Inflationary pressures are going to unwind in 2012 – only yesterday we saw the announcement of the decrease in energy prices. By May, inflation should be down to 2.5 per cent. Secondly, we have managed to retain incredibly low interest rates and it has been forecast that these rates will be sustained through 2012 and possibly even for years to come. We will see an increase in the personal tax allowance in April, which equates to approximately an additional £600 per person.”
Richard Bugler, Partner at Albert Goodman commented, “We host these breakfasts in order to help promote the construction industry in Somerset and Dorset. The key movers and shakers in the sector are here today with the sole aim of refreshing relationships and helping to generate business.”
Albert Goodman has offices across the region including Taunton, Chard, Yeovil, Bridgwater, Weston-super-