With its potential to affect everything from labour supply to funding, Brexit is creating uncertainty across the construction industry. But while this is unsettling, construction firms must work closely with their brokers and insurers to ensure risk is well managed and appropriate cover is maintained.
Whatever shape Brexit takes, there are likely to be some significant ramifications for the construction sector. Construction firms do employ migrant workers, so restrictions on the movement of people will exacerbate the current labour shortage. Design consultancy Arcadis predicts that while a soft Brexit could mean 135,000 fewer EU workers will join the sector, this figure could rise to 215,000 in the event of a hard Brexit.