The Chancellor of the Exchequer’s Autumn Statement announced 110 growth measures, with an explicit ambition to unlock British business and make work pay.
“It has been some time that a Chancellor played Prime Minister by linking the importance of regulatory reforms with growth, and it is hugely welcomed. For decades, business has felt increasingly dictated to, rather than enabled and we hope this is a sign of much needed direction change where business is enabled to innovate and invest, rather than placated with tax cuts.”Richard Beresford, Chief Executive of the National Federation of Builders (NFB)
Jeremy Hunt’s announcements to cut to self-employment taxes, increase investment in housing, regulatory reforms on the grid and permitted development, funding for nutrient neutrality and an acknowledgement that commercial premises should not be stifled by planning permissions all showed that the Government is taking the environment for growth seriously.
Additionally, investments in EV charging infrastructure, the expansion of technical skills, an increase in minimum living wages, the permanency of full expensing, and Back to Work plans also make for an interesting mix of strategies that will please many.
Even housebuilders were given a glimmer of hope, signalling that the Government is taking their challenges seriously.
“We would like to thank the Chancellor for listening to the NFB regarding nutrient neutrality and grid connections, which both disproportionately harm the construction industry the most, especially SME housebuilders. Reforms and investments in planning were long overdue, and our long running campaign to support increased use of Local Development Orders, plus ensure planning supports heat pumps has finally gained traction.
We are hopeful this is the start of a future where the Government realises that construction needs enabling and supporting, rather than being the cash cow for underinvestment.”Rico Wojtulewicz, Head of Policy and Market Insights
The NFB has produced a briefing document for members covering the headline announcements made in the UK Government’s Autumn Statement