Construction activity shrank 'at fastest pace since COVID' ahead of budget

The UK government is working towards finalizing a youth mobility scheme with the EU by the end of 2026, which would allow tens of thousands of young British and European citizens to live and work in each other's countries. This initiative is part of a broader effort to reset the UK's relationship with Europe following Brexit.

The Halifax House Price Index indicates that UK house prices have been adversely affected by uncertainties surrounding the Autumn Budget, leading to a slowdown in growth. This trend reflects a cautious sentiment among buyers and sellers in the housing market as they navigate economic challenges.

Halifax reported that first-time buyers in the UK are in the best position to purchase property in a decade, with the average house price reaching a record £299,892 in November. This marks a significant moment for potential homeowners as affordability has improved since 2015.

UK house prices have shown stability, with annual growth rates slowing down, indicating a period of consolidation in the housing market. This trend reflects a cautious approach from buyers and sellers amid economic uncertainties.

Oil prices have decreased, yet fuel prices in the UK remain high, leading to ongoing debates about whether drivers are being overcharged. This situation has persisted since the end of the COVID pandemic, with regulatory scrutiny failing to provide clear answers to these accusations.

The UK government has announced the deportation of 60 delivery drivers who were found to be working illegally following a crackdown that resulted in 171 arrests in the gig economy. This action highlights ongoing concerns regarding immigration compliance within the rapidly growing delivery sector.

The UK is moving closer to establishing direct high-speed rail connections to Germany, as announced by the Department for Transport. This development marks a significant step in enhancing transportation links between the two countries.

Recent data indicates a significant decline in UK construction activity, with business optimism at its lowest since December 2022, as reported by S&P Global. The Future Activity Index shows that only 31% of construction firms anticipate growth in the next year, while 25% expect a downturn, reflecting concerns over client investment and economic prospects.