In 2025 we will see the economic consequences of 2024’s political decisions

By Richard Steer2024-12-16T07:00:00

With a relatively stable government in place, a plan to build 1.5 million houses, investment in green energy and a new infrastructure fund, we may well be viewed as a better bet by those who deserted us post Brexit, says Richard Steer

The famed economist John Kenneth Galbraith once said: ‘The only function of economic forecasting is to make astrology look respectable.” At this time of year, when we try to predict what will happen over the next 12 months for those operating in the built environment, I am inclined to believe he is right.

However, if 2024 was the year of political upheaval, with more than 70 elections worldwide, then next year will be the one when we see the impact of those voting decisions. The UK market is shaped by a complex interplay of political and economic factors – government policies, trade agreements and public investment, for example.

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