David Laws MP unveils opportunities for region’s construction industry

Jan. 21, 2013 - PRLog -- Local MP and Minister of State for Schools and the Cabinet Office, David Laws, recently hosted a business breakfast for 50 key business leaders within the construction industry. The focus was to explore whether Government policies would offer better fortunes for the industry for 2013 and to discuss the future of the £100billion industry.

The breakfast, held at Yeovil Court Hotel, was run by leading South West accountants, Albert Goodman, in conjunction with Humphries Kirk Solicitors and YHC Hire Solutions.

David Laws MP discussed last year’s financial situation for the construction industry, commenting, “Undoubtedly, it has been a challenging 12 months, with the Government spending more rebuilding the economy, instead of focusing on key areas such as construction. Banks were encouraged to lend last year, which has resulted in a reduction in lending this year and as a result, some SMEs have downsized their business or folded, specifically in the construction industry.”

On a more positive note, David Laws MP commented, “For the economy as a whole, a surprising but incredibly important uplift has been creation of more than 1,000,000 new jobs in the private sector market, nationally, since May 2010, which has brought down the unemployment rate.

“A great example of that in the South West is AgustaWestland. Last year, having secured a significant grant from the Government, the company was able to secure more than 4,000 jobs within the region.”

Moving forward, David Laws’ predictions for 2013 opened with the view that the new Governor of the Bank of England, Mark Carney (see profile below), who joins from Ottawa, Canada, could be an important step forward in regenerating the economy. He is known for introducing innovative monetary policies and is receptive to new ideas. In recent speeches he has focused on how central banks should help during times of economical downturn.

Looking specifically at the opportunities he sees for the construction industry, drawing reference to the Autumn Statement, David Laws added, “The Government has transferred £10million from current spending to capital spending and this is being used on improving transport and infrastructure – something that is not only a necessity, but will help stimulate economic activity in itself. The Autumn Statement also announced an extra £1billion for schools, on top of current budgets, which will be used to create classrooms and school buildings for the ever-increasing primary school population – a great boon for regional construction companies. The need for more housing is also important and this will be a main focus for the Government moving forward.”

The Government is actively supporting the economy and has seen great success already with its ‘Funding for Lending’ scheme. The Government initiative, set up with the aim to boost lending to businesses and households, allows banks and building societies to borrow from the Bank of England for up to four years, when they lend money to businesses or individuals.

Paul Hake, Partner at Albert Goodman, commented, “We host these breakfasts in order to support the construction industry in Somerset and Dorset. The key business leaders in the sector are here today with the aim of refreshing relationships and exchanging views about the future.”

ENDS

Notes to editors:

For more information about Albert Goodman, visit www.albertgoodman.co.uk.

Further press information is available from Sophie Foyle or Beki Knowles at ADPR on 01460 241641, or email sophie@adpr.co.uk or beki@adpr.co.uk.

Photo caption (L – R): David Laws (Yeovil MP) with Paul Hake (Partner at Albert Goodman)

Mark Carney Profile:

2008-2013: Governor, Bank of Canada, Canada

2004-2007: Senior Associate Deputy Minister, Department of Finance, Canada

2003-2004: Deputy Governor, Bank of Canada, Canada

Background information:

Founding partner Albert Goodman established the firm in Taunton in 1866 and built his practice on the principle of providing high quality, technically excellent advice to individuals and businesses – still the main principle by which the firm operates today. Following the recent acquisition of Coyne Butterworth Hardwicke, Albert Goodman has grown to rival other regional firms with more than 200 staff, offices in Taunton, Chard, Yeovil, Bridgwater, Weston-super-Mare and Weymouth and a turnover approaching £10million.

Albert Goodman has a team of fourteen partners who between them specialise in Audit and Accounts; Business Support Services; Business Recovery and Insolvency; Family Business, Corporate and Personal Tax; Corporate and Personal Financial Services and Planning; IT Infrastructure, Accounting Software and Support; Litigation Support; and Payroll Bureau and VAT services.