The construction sector could be left vulnerable to the negative effects of political uncertainty following the indecisive result of the General Election, says the Federation of Master Builders (FMB).
Brian Berry, Chief Executive of the FMB, said:
“The surprise General Election result has left key business sectors nervous with no one political party securing enough seats to form a majority government. The construction sector is particularly vulnerable to dips in consumer confidence brought about by political uncertainty and therefore it’s crucial that this uncertainty is minimised.”
“In the longer term, there could be a potential silver lining for the business community as the prospect of a hard Brexit now seems less likely. Theresa May stood on a hard Brexit platform and she has clearly not been given a mandate to approach the negotiations in this way. Brexit is inevitable but the election result will surely have a significant impact on the shape of the Brexit deal we end up with. This could be a positive for business leaders who are concerned about a broad range of issues – for the construction sector, our greatest concern is that the flow of migrant workers might be reduced too quickly and before we are able to put in place a framework for training sufficient UK workers to replace them.”