Life after Brexit
After the referendum in 2016 narrowly decided in favour of Brexit, it was predicted to bring about the fall of the construction industry in London. Combining the factors of political turmoil, the potential for investors to move overseas, and limited suppliers from outside the UK with the declining competition for contracted work, and there surely was an inevitable disaster coming for the construction industry – right?
Well, not quite.
London lives on
What’s surprising is that all these predictions couldn’t be farther from the truth. London still retains the world’s financial muscle and, with it, the continued thriving of its building and construction industry. Even the refurbishment of smaller businesses sector, which was forecast to die out under Brexit, is alive and well.
This has been possible because of the powerful resilience and the uniqueness of London. The city has continued to attract an increased number of real estate investments from across its borders. It has gone ahead to overtake New York, making it more dominant in the trillions transacted in the foreign exchange market on a daily basis.
There has additionally been continued growth in the UK’s construction industry. More demands for places of residence have been on the rise – mostly in areas that are already densely populated. This has made the government create heavy targets, promising to deliver roughly 300,000 homes in a year, lasting until mid-2022.
More commercial centres and office spaces have also been in high demand. Many, such as the Hinkley Point C, are already under construction, proving that Brexit isn’t instilling as much fear as initially thought. Other proposed projects include the Dingman Forcemain, phase 2 of Egerton Street, phase 2 of Cavendish, the Dundas Street East, and the Wilton Grove Road.
London has therefore extended its reputation as a global banking centre in the face of adversity, surprising many who had predicted its downfall. The city’s standing has made the UK maintain its power and retain the ranking of number one in global politics.
What does this mean? It means that the strong EU enterprises must come to London if they want to continue to trade with the global powerhouses that reside there – ensuring that for the building and construction industries, there is a life after Brexit.