{"id":26127,"date":"2016-08-01T09:33:14","date_gmt":"2016-08-01T09:33:14","guid":{"rendered":"http:\/\/planningandbuildingcontroltoday.co.uk\/?p=25199"},"modified":"2016-11-10T09:51:18","modified_gmt":"2016-11-10T09:51:18","slug":"material-costs-pushed-plummeting-pound","status":"publish","type":"post","link":"https:\/\/www.pbctoday.co.uk\/news\/plant-equipment-supplies-news\/material-costs-pushed-plummeting-pound\/26127\/","title":{"rendered":"Material costs are being pushed up by the plummeting pound"},"content":{"rendered":"<h2>The Federation of Master Builders has raised concerns about the fall of the pound pushing up the costs of construction materials\u2026<\/h2>\n<p>A weakening currency following the vote to leave the EU could push up the price of construction materials.<\/p>\n<p>The warning was issued by the <a href=\"http:\/\/www.fmb.org.uk\/\" target=\"_blank\">Federation of Master Builders<\/a> (FMB), the trade association that represents builders across the UK.<\/p>\n<p>The statement was delivered following the publication of the FMB\u2019s <a href=\"http:\/\/resources.fmb.org.uk\/pdf\/ea\/State_of_trade_Q2_2016_V3.pdf\" target=\"_blank\">State of Trade Survey<\/a> results for Q2 2016.<\/p>\n<p>Brian Berry, chief executive of the FMB, said: \u201cFollowing the EU referendum, the plummeting value of sterling has further complicated an already difficult situation for small construction firms.<\/p>\n<p>\u201cEven prior to the referendum result, nearly two in three bosses were anticipating rising material costs, on which there has been intense pressure over the past couple of years, as demand for projects has picked up again.<\/p>\n<p>\u201cWith the dramatic fall in currency value however, we\u2019re concerned that the trend towards price inflation will gather pace. We\u2019ve already heard accounts of timber and brick costs rising, and a number of sources have said that even steel prices have risen by 8% since the decision was made to leave the EU.<\/p>\n<p>\u201cCombined with the continuing skills shortages shown in our survey results, which puts upwards pressure on salaries and wages, the costs associated with running a small construction firm are on the rise.<\/p>\n<p>\u201cToo many are already operating on razor-thin margins and are forced to tender at prices which barely return a profit in order to remain competitive. This leaves little capacity to absorb dramatic price increases.<\/p>\n<p>\u201cThe results show that firms were already pencilling in escalating costs for the coming months, but few will have anticipated a 9 per cent drop against the Euro and 12 per cent against the American Dollar. The UK construction industry is heavily reliant on imported products and materials so this situation is very concerning indeed.<\/p>\n<p>\u201cIt\u2019s important to note that this survey was conducted prior to the referendum and shows that SMEs were consolidating their recovery, with demand in the private sector continuing to pick up.<\/p>\n<p>\u201cIf this wavers, as suggested by recent ONS stats showing that the construction sector is now in recession, then the Government must do everything in its power to reverse this situation and get Britain building again.<\/p>\n<p>\u201cOur survey shows that despite an improving overall picture prior to the referendum, public sector workloads for smaller firms continued to decline \u2013 a trend that has gone on for too many years. A significant programme of publicly-funded capital investment in crucial areas such as housing and infrastructure, along with a renewed focus on improving public procurement processes for SMEs so that they can benefit from these opportunities, would be enough to hush any whispers of a post-referendum recession.\u201d<\/p>\n<p>This data follows a <a href=\"http:\/\/planningandbuildingcontroltoday.co.uk\/planning-development\/brexit-uncertainty-leads-construction-slowdown\/25142\/\" target=\"_blank\">RICS survey<\/a> carried out last week, which showed a slowdown in activity following the EU referendum vote.<\/p>\n<div class=\"mk-custom-module-container\">\n<\/div>","protected":false},"excerpt":{"rendered":"<p>The Federation of Master Builders has raised concerns about the fall of the pound pushing up the costs of construction materials\u2026 A weakening currency following the vote to leave the EU could push up the price of construction materials. The warning was issued by the Federation of Master Builders (FMB), the trade association that represents [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[308],"tags":[640],"stakeholder_rel_tag":[172510],"contributor_rel_tag":[],"class_list":{"0":"post-26127","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-plant-equipment-supplies-news","7":"tag-sh-rics","8":"stakeholder_rel_tag-rics"},"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.9 (Yoast SEO v26.9) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Material costs are being pushed up by the plummeting pound | Planning, Building &amp; 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