HS2 Contractor Warns Tariffs Will Worsen UK Construction Costs
Major HS2 contractor cautions that doubling steel import tariffs will exacerbate cost pressures for UK construction as steel and concrete prices soar.
HS2, the UK's high-speed rail project, is facing growing concerns over its rising budget, and one of its biggest contractors has issued a stark warning to the government. According to the contractor, doubling tariffs on imported steel will "exacerbate" cost pressures for the entire UK construction industry.
The warning comes as the UK government recently announced plans to double the tariffs on imported steel and slash the amount that can be bought from overseas. The move is an attempt to save Britain's struggling steelmakers, but it is likely to have far-reaching consequences for the construction sector.
The construction industry is already grappling with escalating costs, with the price of steel and concrete rising due to factors like the ongoing conflict in Iran. The additional tariffs on imported steel are expected to further drive up the cost of the £100bn HS2 railway project, which has already faced concerns over its growing budget.
Source: The Guardian
