It is not just housebuilding that has stalled. All kinds of firms have told me they are waiting on the Budget before deciding to hire more people, invest in new machines or buildings or expand their operations.
Phil Smith has heard this story from all sectors. As managing director of Business West he is connected to more than 10,000 small firms in the West and said he has seen a “real freeze” over the last three months.
“We’re talking farmers, we’re talking family businesses, limited liability partnerships, we’re talking landlords,” he said.
“Every time the Treasury attention turns on a sector, they stop doing anything.”
So what do Treasury ministers have to say about, well, saying too much?
A Treasury spokesperson reminded me the government “does not comment on speculation outside of fiscal events” (ie the Budget).
Many firms and economists would say this year they have done exactly that, not least in Rachel Reeves’ set piece speech and media interviews.
But the spokesperson insisted the Chancellor was only trying to “set out the context for the Budget”.
They added the UK government “will continue to build … on the priorities of the British people – cutting waiting lists, cutting national debt and cutting the cost of living.”
