Your browser is no longer supported

For the best possible experience using our website we recommend you upgrade to the newest version of your browser.

Your browser appears to have cookies disabled. For the best experience of Construction News, please enable cookies in your browser.

Welcome to the Construction News site. As we have relaunched, you will have to sign in once now and agree for us to use cookies, so you won't need to log in each time you visit our site.
Learn more

Raw material prices force contractors to cut back

More than one third of British contractors are looking to cut costs in the face of rising raw materials prices, a study has claimed.

A survey of 500 firms in the UK by insurance company NIG says that 38 per cent are actively cutting back in the face of material costs.

It also claims that one in ten businesses have had materials stolen from them over the last 12 months.

One in ten UK construction companies that spoke to NIG said that they feared they were uninsured against theft, with 15 per cent admitting that they had never had a risk assessment carried out on their business.

Martin Hall, director of commercial underwriting at NIG, cautioned construction companies against cutting costs without taking out insurance.

“The UK construction sector is facing a number of challenges and the rising cost of raw materials has become a key concern. While many are taking steps to cater for these challenges, it is vital that businesses assess the risks they face and make sure they are not leaving themselves exposed to unnecessary risks and threats,” he said.

The research was carried out by BDRC Continental in August last year and targeted UK companies with an annual turnover over £50,000.

 

Have your say

You must sign in to make a comment

Please remember that the submission of any material is governed by our Terms and Conditions and by submitting material you confirm your agreement to these Terms and Conditions. Links may be included in your comments but HTML is not permitted.