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Construction sector concerned about the future

Morgan Sindall, a prominent operator in the UK construction industry, has today issued a statement suggesting that government cuts in construction could be as much as 35% to 40%. Despite the fact we have seen no concrete guidance from the UK government the company believes that school building, road building and housing developments will be cut back drastically over the next few months. While many people are well aware that the government has further cuts in store we are only now realising the damage these are doing to the UK economy in the short term.

The UK government has been very prominent in the construction industry for many years, especially under the previous Labour government, with a whole raft of schools, roads and housing developments carried out. While there is no doubt that these cuts are just short-term issues, associated with funding problems for the government, they will test the strength of many construction companies in the UK and stretch balance sheets to the limit.

There will also likely be significant job cuts in the UK construction industry which has suffered more than most over the last few years. While many people appreciate there's a need for short-term pain for long-term gain, do we really realise the severe pain awaiting us?

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