Chancellor Philip Hammond – property developer

“The property development company owned by Chancellor Philip Hammond has warned of Britain’s critical shortage of construction workers just weeks before the Brexit negotiations many fear will prevent crucial EU migrant workers coming to the UK.

Hammond privately owns care-home builder Castlemead, which admitted in its recently filed financial accounts that the building industry was “suffering from supply bottlenecks, particularly of skilled tradespeople, driving up costs”.

Separately, a construction investment company he owns called Chiswell (Moorgate) said in its filings: “The scarcity of good quality and committed subcontractors is still an issue.” …

… The Chancellor has not been involved in running his businesses since 2010, owning them through a family trust, but it is believed he is kept abreast of the situation they face.

Directors Richard Shackleton and Joe O’Donnell declined to comment.

Chiswell’s accounts statement was signed off on December 21 while Castlemead’s was dated July 29, a month after the Brexit referendum.

Despite the labour shortages, Hammond’s companies staged a significant bounceback from losses the year before.

Castlemead revealed the property market is so improved it was planning to return to housebuilding after several years out of the “speculative” residential market. …

… Hammond has in the past received a dividend of £1.8 million from the companies. … “