Today's announcement that Britain is technically back in recession is not good news for anyone, least of all those hard pressed developers whose fault it all seems to be. The construction sector saw a collapse in output of 3% after a 0.2% fall in the last quarter.
Well, I wonder why that is? Perchance something to do with the monumental farce that is the revisions to the planning system! Not helped one iota by 'Prematurity Pickles' (who seems to be working counter-intuitively to the aims of the Government in causing development NOT to happen) and aided and abetted by the woeful inability of the financial institutions to stump up at realistic lending rates and without punitive repayment penalty clauses for their original mess in the first place. Go figure.
Anyway I think I have the mathematical equation that explains this situation:
Development Proposals 'P' (in £bn's) + NPPF - (Localism 'L' x N (where N is the unknown variable of Nimbyism) + Community Infrastructure Levy 'CIL' x U (the unreasonable expectations of councils)) / FA (where FA refers to bank lending) = double-dip-recession
Einstein, eat your heart out.
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