Titan Construction Insurance worries that it was the poor performance of the construction sector which pushed the UK economy into recession over the first quarter of 2012 and says that unless the Government take steps to boost the sector, things will get worse.
Although Titan Construction Insurance recognizes that the initial figures are often upgraded upwards and so might be better in the coming weeks, the dire state of the construction sector could not be disguised.
The slowdown of public sector construction, plus the lack of private sector construction, coupled with reluctance of the Government to stimulate major infra structure projects, makes it almost a perfect storm. And unless the Government takes positive action quickly, the situation could be irreversible says Titan, with vital skill sets, experience and equipment lost.
Chief Executive Officer of Titan Construction Insurance, Basil Tsapralis, said:
“We’ve been saying for years now that the construction sector needs some major action from the Government to keep it viable. What concerns us most is that once the recovery begins in earnest, the UK construction will not have the staff or the infrastructure to be able to switch back on again and that the consequences of this will be a delay in all parts of the recovery.
“Many of the large companies have been forced to look overseas for work and will not be in a position to offer the UK the support it needs, when the money and projects return.”
Titan Construction Insurance offers polices and advice to companies throughout the UK.