The government has published its Impact Assessment on the Planning and Infrastructure Bill, which indicates benefits to the economy of potentially up to £7.5 billion over the next decade.

It’s worth noting that this was the Impact Assessment’s higher estimate for how much money the Bill could add to the economy over 10 years. Its central estimate was £3.2 billion and the lower estimate was £1.3 billion.

The reforms contained in the Bill are intended to reduce red tape and speed up decision-making, with the goal of delivering 1.5 million new homes and a range of major infrastructure projects. These include new roads, railways and renewable energy developments – all areas that have traditionally been slowed down by lengthy planning processes.

What does this mean for small businesses?

While big numbers like £7.5 billion grab headlines, the real interest for smaller businesses lies in the potential knock-on effects of increased building work. Here are a few things to watch:

· Opportunities for local contractors and trades: More housing and infrastructure means more work across the construction supply chain – from groundwork to plumbing, electrical, joinery and more.

· Increased demand for construction-related services: Planning consultancies, architects, legal advisers and environmental surveyors may all see increased demand.   ·   Growth for suppliers: Builders’ merchants, plant hire businesses, and local suppliers could benefit from larger volumes and faster project turnover.

· Boost to regional economies: With major developments potentially reaching approval faster, towns and cities could see regeneration projects coming to life sooner – good news for hospitality, retail, and service-based businesses in those areas.

What’s next?

The Bill is still making its way through Parliament, so we may still be some way from the reforms becoming reality. However, the government’s intentions are clear. The aim is to make 150 major infrastructure decisions during this Parliament, 17 of which have already been made.

Keep it in perspective

While this all sounds positive, the true impact will depend on how effectively the changes are implemented and how quickly they feed through into actual projects on the ground. For now, businesses in construction, energy, transport and related services may want to keep a close eye on opportunities in their region – especially those tied to new developments or local authority plans.

As always, if you'd like help understanding how government policy might affect your business directly – or you're looking to prepare for upcoming changes – we're here to support you.

See: https://www.gov.uk/government/news/reforms-to-get-britain-building-will-boost-economy-by-billions