The UK’s Construction Equipment Association (CEA) has welcomed Labour’s landslide victory in the UK General Election, which means Sir Keir Starmer is now the nation’s new Prime Minister, highlighting potential benefits for construction vehicle OEMs and their suppliers.
In a statement, the CEA’s director of operations, Viki Bell, says Labour’s ambitious housing plans, proposed investment in renewable energy, and commitment to industry are key factors that could drive growth in the construction equipment sector.
She also emphasizes the importance of collaboration with the new government on issues such as decarbonization, skills development, and industry regulations.
The statement from Viki Bell in full reads:
“As the CEA, we are ready to engage actively with the new Labour Government to address the crucial challenges and seize the opportunities highlighted in our 2024 Manifesto. The commitment to decarbonisation, digital transformation, and skills development outlined in Labour’s platform aligns closely with our industry’s goals.
“Labour’s plans to introduce a new industrial strategy, developed in partnership with businesses through an Industrial Strategy Council, will leverage Britain’s strengths in life sciences, digital, creative industries, financial services, and clean power. This collaboration will drive growth and innovation, benefiting the construction equipment industry and the wider economy.
“The party’s promise to build 1.5 million new homes in England over the next five years is a remarkable initiative that will stimulate demand in the construction equipment sector, a level of housebuilding not seen since the 1960s. This very ambitious target and reforms in housebuilding economics and bureaucracy will likely boost private sector participation, benefiting our industry significantly.
“Decarbonisation remains a critical priority for us. Labour’s substantial investment of £23.7 billion in green measures during the next parliament emphasises the central role of green policies in driving growth and prosperity. We anticipate robust support from the Labour Government in advancing innovative technologies, including electric and hydrogen-powered machinery. Establishing a national alternative fuel infrastructure is essential, and we look forward to contributing to these transformative efforts.
“The party’s plan to allocate £1.7 billion a year for the Great British Energy company aims to accelerate the roll-out of renewables and nuclear power, creating 650,000 jobs by 2030. This initiative will drive industrial renewal, lower energy bills, and ensure secure, clean energy supplies, promoting a stable environment for construction projects.
“The digitalisation of our industry is another important area. We are ready to collaborate on harmonising digital legislation and enhancing cybersecurity measures. Addressing the skills gap is imperative for maintaining our competitive edge, and we are eager to work with Labour to attract and develop the next generation of talent.
“Lastly, we urge the new government to ensure regulatory stability and alignment with European standards, vital for maintaining our international competitiveness. Together, we can adopt a sustainable, innovative, and prosperous future for the UK construction equipment sector.”
