UK builders said on Monday on behalf of the government that it is seeking £4bn from the industry to tackle unsafe cladding.
Builders, including persimmon psn
Berkeley Group BKG,
and Taylor Wimpy TW,
Each leveling up fell as Secretary of State for Housing and Communities Michael Gove began the march to get builders to agree a “fully funded action plan” including the removal of unsafe cladding on buildings 11 by 18 meters given time limit.
Cladding concerns have weighed on the area since a fire at the Grenfell Towers in London in 2017 killed 72 people.
Analysts at UBS say the worst-case scenario would be a tax hike that would reduce the sector’s earnings per share by 11%, but a likely outcome is “some sort of burden sharing.”
ftse 100 ukex,
The UK index fell 0.1%, outperforming European rivals, which have a higher technology load.
As Barclays BARC, hopes of rising bond yields lifted the UK financial sector,
and HSBC Holdings HSBA,
Rose 2% each.