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British Government Sets Aside £900 Million for Construction Projects

The UK government has revealed a massive £900 million financial scheme for building projects in England. Over 300 projects that are described as being “shovel-ready” will be backed, in a move aimed at giving the national economy a timely boost.

Full Details of the Package

This stimulus package is split into a few different parts. For a start, some £360 million will be used to help build 26,000 new houses on existing brownfield sites. Sources suggest that the full package will lead to the creation of as many as 85,000 new jobs and 45,000 new homes.

The plan is also to help cut the country’s CO2 emissions by 65 million kg. Robert Jenrick is the housing secretary and he explained more about the £2 billion green grants scheme that is to help owners carry out home improvements.

The phrase “green growth” has been used to explain the way that authorities want to stimulate the economy. Jenrick pointed out that the country is in need of “good quality, affordable homes” right now.

This scheme was announced following Prime Minister Boris Johnson’s earlier comments about their plans to build better infrastructure and more houses, as part of the way to create more new sources of employment right away.

For example, the £2 billion Green Homes Grant scheme will see homeowners able to claim up to two-thirds of the total cost of improving their homes. This will cover over 600,000 properties. The project will only be available for use with workers who have TrustMark accreditation.

Some of the major projects lined up include the £12 million high speed link from Kent to London, and the £23 million plan to re-develop Mayfield in Manchester and create a new city park.

Many UK Managers Have Taken a Pay Cut

A survey undertaken by the Chartered Management Institute for the Financial Times has revealed that close to a fifth of all senior managers in the UK have taken a pay cut due to the on-going coronavirus pandemic.

In addition, close to half of all the businesses surveyed have run into problems, with many of them having to put their operations on hold. 2,000 senior managers were asked about the effect that the lockdown has had on their businesses.

The majority of companies have been affected by the crisis. The growing use of collection agency services to recover debts is one of the signs that there is still some way to go before the trading situation returns to its previous level.

While a large number of firms are slowly getting back to work, the overall feeling was that they are still far from being able to work normally. Around 20% also pointed out that none of their employees had yet returned to their premises after being sent home to work.

Over a third of the managers who took part said that they have started to call their workers back into the office, with a similar number planning to do so before the end of this year. It was also noted that about a fifth of the companies are going to have to make redundancies as they look for ways to cope with the crisis.