The British Woodworking Federation has responded strongly to the Chancellor’s Autumn Statement, expressing concerns that commitment to business is being undermined by the lack of real investment in growth.
Commenting on the Chancellor’s Statement, BWF Chief Executive, Iain McIlwee, said:
“The chancellor has missed this vital opportunity to help us understand, and give us confidence in his vision of the future.
"To start with the positive, the fuel duty has been scrapped and the focus on competitive taxation is good news. We called for and got an increase in annual investment allowance, rewarding companies investing in growth is vital, but investment is about more than availability and cost of capital, it’s also about confidence. Here we remain disappointed as there is no clear indication that the Chancellor is backing catalysts for growth, and much of the promised investment seems to be diluted, or restating old promises yet to be fulfilled.
"Housing remains a fundamental socioeconomic problem, and a potentially a huge stimulant for growth. The Green Deal was not even mentioned. In today’s statement we are disappointed to see more of the same from policy makers – a piecemeal approach to a housing and construction strategy where the sum of the parts may well end up being less than the whole.”
You can get further information on what the Autumn Statement means for the Construction Industry by viewing the CPA Weekly Notes Autumn Statement Special.
You can also view the BWF letter to the Chancellor in advance of the Autumn Statement.
