‘Budget For Business’ Provides Few Quick Fixes For Joinery Sector

The British Woodworking Federation welcomes the Chancellor’s commitment to business, but feels more bold action was necessary to provide the tangible support needed to re-energise the joinery sector and the construction industry upon which it depends.

Commenting on the Chancellor’s Statement, BWF Chief Executive, Iain McIlwee, said:

“There are no real surprises in this budget and whilst we see some positive steps, there are a lot of wait and see measures.  The reduction in corporation tax is welcome, but we are disappointed that more was not done to address rising fuel costs.  We support the government in their attempts to make it easier for businesses to borrow – new financing and simplified taxes for small businesses are critical.  The Chancellor is also right to target maintaining low interest rates, but we expect to see Government making sure that the low base rate is carried through to borrowers and not simply reinforcing bank profits.  The proposals to reduce red tape for business are welcome and we look forward to seeing the detail behind this.

Construction is of crucial importance to the economy, providing around 9% of GDP, yet is forecast to see output fall by 5% this year.  Whilst the accelerated release of public sector land for house building and the increase in the ‘Get Britain Building Fund’ are both welcome initiatives, the Budget is very much jam tomorrow and is not really the shot in the arm that the construction sector needs.  Changes to planning regulation and process need to be implemented fast and measures such as extending the stamp duty holiday for first time buyers would have been sensible.  We are also disappointed in the lack of measures targeted at stimulating investment in improving the existing building stock.”