Supply chains distressed but profit warnings stay low

Company profit warnings in construction are remaining at an exceptionally low level as the sector looks to recover from Covid-19. But signs of distress are being seen among subcontractors while main contractors are delaying or turning down projects against the background of supply chain disruption.

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Covid contracts guidance updated

A refreshed suite of guidance on managing Covid-19 impacts within construction contracts has been published by the Construction Leadership Council, which continues to express concern over the prospect of expensive and lengthy disputes arising from the pandemic.

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Call to accelerate playbook reforms

Reforms set out in the government’s Construction Playbook to improve procurement practices and other aspects of project delivery must be accelerated, a report has urged.

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News in Brief: November 2021

Government is considering establishing a new dedicated unit with responsibility for sustainable procurement policy, it was revealed in a Net Zero Strategy which published in October.

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Combatting climate change could also boost procurement skills

Much is happening on the climate change battle front, and the UK has pitched itself into the front line with wide ranging commitments to achieve net zero carbon by 2050, such as having all of our electricity to be ‘clean’ generated by 2035. This stance will attract worldwide attention with the COP26 United Nations Climate Change Conference heading for Glasgow in November.

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Chancellor’s cladding pledge welcomed but detail urged on net zero

Funding to remediate high risk residential buildings with unsafe cladding will be levied on developers, the Chancellor confirmed in this week’s Budget and Spending Review announcement. The move has been welcomed, but lawyers and industry groups criticised a lack of detail from the Budget on driving forward the net zero agenda.

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Probe launched into collapsed contractor NMCN’s auditor

Regulatory body the Financial Reporting Council has commenced an investigation into an audit of collapsed construction company NMCN’s financial statements for the year ended 31 December 2019. The contractor fell into administration earlier this month after a £24 million refinancing deal with investors failed to get over the line.

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Nuclear funding model promises greater risk sharing

Legislation for a new financing model to pay for nuclear power stations which allows developers to share construction risks with consumers will be laid by the government. The Regulated Asset Base model is expected to enable development of the planned Sizewell C power station.

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Prompt payment standard to be strengthened

A requirement placed on firms bidding for large government contracts to pay their supply chain on time will be strengthened next year under a Cabinet Office directive to further clamp down on poor payment practices.

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Firms delay projects in light of materials crisis

Over eight in 10 local building firms have reported having to delay projects due to a lack of available materials during the third quarter of the year.

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