{"id":71823,"date":"2020-02-14T10:11:35","date_gmt":"2020-02-14T10:11:35","guid":{"rendered":"https:\/\/www.pbctoday.co.uk\/news\/?p=71823"},"modified":"2020-02-14T10:11:35","modified_gmt":"2020-02-14T10:11:35","slug":"uk-construction-earnings-brexit","status":"publish","type":"post","link":"https:\/\/www.pbctoday.co.uk\/news\/planning-construction-news\/uk-construction-earnings-brexit\/71823\/","title":{"rendered":"UK construction earnings on EU investments dwindle post-Brexit"},"content":{"rendered":"

The UK construction sector has seen earnings on its investments in the EU plummet since the Brexit vote with profits dropping 95%, analysis of the latest ONS data has revealed<\/h2>\n

UK construction companies\u2019 earnings on its EU investment<\/a> positions went from \u00a324m in 2015 to a measly \u00a34m in 2018 \u2013 down 83%.<\/p>\n

The drop is even larger when compared with the sector\u2019s \u00a377m earnings in 2016.<\/p>\n

Construction firms had \u00a3638m invested in the EU in 2015, the year before the Brexit referendum, while this was reduced to \u00a3552m three years on, according to analysis of the latest statistics\u00a0by R&D tax relief specialist\u00a0Catax<\/a>.<\/p>\n

Over the same period, EU inward investment remained broadly level, going from \u00a34.4bn in 2015, to \u00a34.9bn in 2017, the last year for which figures are available.<\/p>\n

UK mining sector<\/h3>\n

The construction industry has fared badly compared with some other sectors. The UK mining sector has halved its overall investments in the EU since the Brexit vote<\/a> \u2013 falling from \u00a334.4bn in 2015 to \u00a316bn in 2018 \u2013 but earnings have rocketed by more than \u00a32bn in that time.<\/p>\n

They rose from negative \u00a391m in 2015 to positive \u00a32.1bn in 2018.<\/p>\n

Mark Tighe, chief executive of R&D tax relief specialists Catax, said: \u201c<\/strong>For the past few years we\u2019ve heard horror stories about what would happen to the UK following the vote to leave the EU.<\/p>\n

\u201cThe construction industry has seen investment positions hold firm on both sides of the Channel, despite earnings taking a tumble.<\/p>\n

\u201cBut UK firms still have huge amounts invested in the EU, and vice versa, showing that both sides see the relationship continuing.\u201d<\/p>\n

\n<\/div>","protected":false},"excerpt":{"rendered":"

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