Budget puts the building industry at the heart of UK economic recovery

19 Mar 2014

THE BUDGET 2014

Firstly, for those anoraks out there that want to read every last word of George Osborne’s fifth Budget speech to the House of Commons, here the GrowthBusiness provides the full transcript.

If you just want the key points, here is the BBC at-a-glance’ review or the 4 minute BBC video review.

Or you can find out how today’s Budget will impact UK construction with Glenigan’s detailed analysis. Download your free copy here

For those who prefer processed food, here are some bite-size industry comments:

Structural Timber Association – Andrew Carpenter, Chief Executive

The proposed Ebbsfleet garden city and Barking Riverside, as well as measures to boost construction of homes are very welcome. What is essential, however, is to ensure these homes are both sustainable and energy efficient. It offers the UK a real chance to be a leader in sustainable construction

Federation of Master Builders – Brian Berry, Chief Executive

£500 million Builders Finance Fund for small house builders will provide a major boost for housing supply and has been welcomed this additional support will provide the necessary finance to small house builders and help increase the overall supply of new housing through a well-functioning SME sector. However, a reduction in VAT to 5% on housing renovation and repair would provide a £15bn economic stimulus over five years and up to 95,000 jobs which re much needed while our economy is still in recovery.

Ibstock Brick – Andrew Halstead-Smith, Group Marketing Manager

Announcement regarding the extension of Help to Buy’s equity loans until 2020, is another welcome boost to support the country’s house building industry and subsequently, drive further demand for bricks. As a major UK manufacturer and an employer of apprentices, we welcome today’s announcement regarding the support for more than 100,000 new apprenticeships.

The Build Show – Paul Godwin, Managing Director

As Chancellor George Osborne declares that he is getting Britain building’, the Build Show has welcomed moves to support the continued growth of the construction industry. Pledging to build more than 200,000 new homes, Mr Osborne said that despite house building being up 23% it is not enough’ and that the UK must build more, manufacture more and export more’. The chancellor announced that £150 million will be made available to help fund self-build homes, while £0.5 billion of finance will be allocated to small house builders. The construction industry is driving wider economic growth so it’s essential that we encourage and protect this by supporting the building and contracting sectors.

Freight Transport Association – James Hookham, Managing Director of Policy and Communications

Chancellor could have done better. Though he has kept his promise to freeze fuel duty and industry will be £187 million a year better off for that, but he missed the opportunity to stimulate the economy further by reducing fuel duty

Modern Masonry Alliance – Mike Leonard, CEO

Chancellor has put housing at the heart of the recovery plan. Today the Get Britain Building campaign came of age. Five years ago 42 trade bodies called for Government to build our way out of recession. The coalition has backed our calls and today home building is at the heart of the recovery.

Wrightstyle,Tim Kempster, MD

Wrightstyle believes that a better balance still has to be struck between personal and corporate taxation, and encouraging small businesses to succeed the incubators for tomorrow’s jobs. We support the Chancellor’s announcements on lowering corporation tax, to provide £ half billion to small house builders, and the additional help offered in export finance measures that will encourage the construction sector at a micro level, and also encourage companies to look both at investment and at export markets.

Turner & Townsend – Murray Rowden, MD for Infrastructure

The word across everyone’s lips tomorrow will be housing’ with Barking Riverside, Ebbsfleet Development Corporation are models for future delivery of much needed garden cities. For a construction industry looking abroad, there were also positive signs. With increased support for UKTI and an extra £3bn for exporters are welcome measures as our industry focuses on a global stage.

Construction Products Association – Dr Diana Montgomery, Chief Executive

Association welcomed the Chancellor’s 2014 Budget Statement which backs British manufacturers and builders. The government further recognises the need to make the UK an attractive place for manufacturing investment, and to that end it was important to hear the Chancellor offer support to energy-intensive manufacturers with a £7 billion package, including the cap on the carbon price floor until the end of the decade, along with new compensation for the rising costs of the Renewable Obligation and the Feed-In Tariffs.