Recession

[Robert Holden]

Landscape architects and lift manufacturers are sometimes said to be the last to be affected by recession.  Evidence of coming recession is in the Planning Portal there has been “12.5% total drop in applications we have seen for the year-to-date” (upto November 2022) ref. https://blog.planningportal.co.uk/2022/12/14/novembers-market-insight-report-is-now-available/#more-9166  . The Office of Budget Responsibility forecast in November that “The squeeze on real incomes, rise in interest rates, and fall in house prices all weigh on consumption and investment, tipping the economy into a recession lasting just over a year from the third quarter of 2022, … ”. https://obr.uk/overview-of-the-november-2022-economic-and-fiscal-outlook/ . The Bank of England also forecast in November that “As a result, the UK economy is expected to remain in recession throughout 2023 and 2024 H1, and GDP is expected to recover only gradually thereafter.”  Ref. https://www.bankofengland.co.uk/-/media/boe/files/monetary-policy-report/2022/november/monetary-policy-report-november-2022.pdf 

Mind you, recessions are good times to assemble land, pay consultants relative peanuts to submit a planning application and then if successful develop as the economy recovers from recession. Commissions for long term state developments such as HS2 or East West Rail are also good projects for survival through a recession. Alternatively go for landscape management commissions of five or so years (providing you have inflation related your fees).