Industry responds to the 2024 Spring Budget announcement

[edit] CIOB responds to the 2024 Spring Budget announcement

The Chartered Institute of Building (CIOB) has today reacted to Chancellor Jeremy Hunt MP’s Spring Budget announcement.

Eddie Tuttle, Director of Policy, External Affairs and Research at CIOB, said: “The Chancellor’s budget speech lacked long-term focus on issues like housing supply and CIOB is hoping the next budget, regardless of who is in power, will seize the opportunity to drastically improve the skills landscape for the construction sector – which is crucial for the success of levelling up and reaching our national housing targets.

“We’re pleased the Government is extending access to finance for small and medium-sized businesses – which make up much of the construction industry - through the Recovery Loan Scheme. It also is pleasing there is an intention to build more homes; however the Government must give serious consideration to one of our key focuses – ensuring all homes built are of the highest quality and are future-proofed to reduce the need for retrofitting down the line.

“We have made it clear that a national retrofit strategy is essential to driving down emissions from operating and using buildings, which currently accounts for 19 per cent of the UK’s carbon footprint. The Government also needs to urgently review its unfit-for-purpose apprenticeship system, which regrettably was not mentioned in today’s budget.

“For the construction sector, many businesses feel unable to offer apprenticeships due to an ongoing struggle to retain staff, with many leaving to work elsewhere once qualified. A wholesale review of both the system and its funding is needed to make sure training is affordable and incentivised for construction businesses to deliver the number of qualified professionals needed by both the sector and wider economy.”

This article appears on the CIOB news and blog site as "CIOB responds to Chancellor's Spring Budget announcement" dated March 6, 2023.

[edit] ECA responds to 2024 Spring Budget

In response to this week's Budget announcement by Chancellor Jeremy Hunt, leading engineering and electrotechnical services trade body ECA has welcomed the extra support for green energy, while expressing some concern over funds directed for infrastructure projects under the levelling up agenda.

ECA Head of Public Relations and Public Affairs Jane Dawson said:

"We welcome the boost in investment of £120M for the Green Accelerator fund to support the green energy supply chain, along with the promise of faster connections to the grid.

"Three quarters of electrical contractors are SMEs, therefore we welcome the raising of the threshold for payment of VAT to a turnover of £90k, although with cost of living increases we had hoped the threshold would have been lifted higher. ECA Member firms with fleets of vehicles will be relieved to hear the duty on fuel has been frozen for a further year".

"While we welcome funds directed for infrastructure projects in the regions under the levelling up agenda, we are concerned this will benefit Members in some regions, while others will lose out. This could create a postcode lottery of demand for electrical contractors, which does not necessary reflect the workforce available."

This article was issued via Press Release as "ECA responds to 2024 Spring Budget" dated March 7, 2023.

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