Categories: Industry, Career Advice

Unless you live under a rock, you’ll have heard that the UK government has announced that a general election will be held on July 4th. We understand this decision, coming at a time of already significant economic and social challenges, could have substantial implications for various sectors we work closely with, such as construction, power, and engineering. So I thought we’d go into a little more detail on it with a QS slant (Without going into who or what you should vote for!)

Political Stability and Market Confidence

We believe political stability is crucial for the sectors we work with. A general election introduces a period of uncertainty as businesses await potential shifts in policies and priorities that could result from a change in government. Historically, such periods of uncertainty can lead to delays in project approvals, investment decisions, and the initiation of new projects which quantity surveyors and commercial leads will need to carefully navigate.

Policy Implications

The outcome of the election could dramatically influence regulatory and policy environments. Areas of interest we recommend keeping a close eye on include infrastructure spending, renewable energy targets, and regulatory reforms.

• Quantity surveyors will need to keep abreast of any new regulations introduced and how they could impact projects currently underway, and those still on the tendering table.

• Our construction and engineering clients should closely monitor party manifestos for commitments to infrastructure projects, which can drive growth and provide a steady pipeline of work. Similarly, those in the power sector will want to closely follow developments in renewable energy, efficiency, carbon reduction policies, and party manifestos.

Infrastructure and Public Spending

We know both major political parties in the UK have historically prioritised infrastructure investment, though the scale and focus can vary significantly. An election provides an opportunity for new commitments to major projects such as road and rail improvements, housing developments, and public buildings.

As the construction sector, relies heavily on government contracts, we recommend watching for promises of increased public spending on infrastructure, which would translate into significant work. These projects will require meticulous planning and cost management, skilled quantity surveyors will be in high demand to ensure feasibility and financial viability.

Energy and Sustainability

It will likely bring significant changes to the energy sector, with a focus on sustainability commitments and achieving the UK's ambitious net-zero targets. Policies supporting the transition to renewable energy, the phasing out of fossil fuels, and investments in new technologies like hydrogen and carbon capture will be crucial. We recommend staying informed about each party's stance on these issues as they will directly impact the future regulatory landscape for the power sector. Understanding this is crucial for businesses and their commercial teams as they make strategic long-term decisions for clients.”

What will be will be…

As the UK gears up for the election, those of us who work closely with and in the construction, power, and engineering sectors need to prepare for potential changes. While elections inherently bring a degree of uncertainty, they also offer opportunities for new policies and investments that can drive our industry's growth and innovation. Stakeholders across these sectors should closely analyse party platforms and prepare to adapt to whatever political landscape emerges post-election.