How will rising fuel costs due to the Ukraine conflict affect UK construction?
Russia’s invasion of Ukraine has resulted in increased sanctions against Russia and exposed the vulnerability of the European continent’s fossil fuel supplies, but how will increasing fuel costs impact construction projects here in the UK?
Spencer West construction partner Henry Clarke explores the issues in an article for PBC Today, commenting:
“Existing projects will have had their financial models dented with rising costs. This will lead to a range of cost-based issues for the parties to tackle in what is a traditionally adversarial industry.”
In his article, Henry discusses the impact, including the risk that some projects may be shelved and the actions contractors should be considering to reduce their risk.