The FMB stated 212 out of 357 small to medium-sized building companies questioned agreed that the new Government could best support the construction industry by using Brexit to cut VAT.
“The new Chancellor has a unique opportunity in his first Budget to signal a green, positive outlook for builders who are critical to delivering the homes and infrastructure this country needs,” said Brian Berry, chief executive of the FMB.
“The fact that nearly two-thirds (59%) of builders say cutting VAT would boost their business sends a clear message to the Government that if it is wants to deliver sustained economic growth in our building industry this is the single best policy change to achieve that.”
Cutting VAT will also encourage homeowners to invest in the sorts of renovation and retrofit work that the country will need if it is to meet the Government’s target of bringing all homes up to EPC Band C by 2035. Currently just 29% of households meet this test.
The FMB is also calling on the Government to support small to medium-sized house builders by reforming planning fees, create incentives for low-carbon house builder pioneers and reform the UK Apprenticeship Levy to ensure construction has the skills it needs.
