Budget for UK business and housing welcomed

Construction Products Association welcomes commitment to making the UK a good place for business

THE Construction Products Association has welcomed the Chancellor’s strong commitment to making the UK a good place for business, saying that this year’s Budget Statement has clearly shown support for UK manufacturing through a variety of key initiatives.

Commenting on the Budget announcements, Dr Diana Montgomery, chief executive of the Association, said: ‘We particularly note four proposals that the industry will find practical and immediately beneficial: first, the exemption next year of the ceramics, cement, steel, minerals and glass sectors from the Climate Change Levy; second, a new Employment Allowance which will largely help our SME manufacturing base; third, an increase to 10% in the rate of the above-the-line research and development credit together with a 10% tax on profits from patents; and lastly, a cut to the corporate tax rate ensuring the UK will enjoy the most competitive tax regime of any major economy in the world.’

She continued: ‘We are encouraged that government has combined these plans with a catalyst for potential home buyers in the form of the new ‘Help to Buy’ programme, which could be a game-changer.

‘Nevertheless, last year we built only half of the number of homes we need, and the downward revision in economic growth only reinforces the need for these measures to boost construction and the economy,’ she concluded.