The Chancellor of the Exchequer delivered his Spring 2023 Budget last week, which focuses on improving the UK’s economic growth after delivering stability and sound money and ensuring inflation has peaked.
To achieve this, the Government will:
- Remove obstacles that stop businesses investing
- Tackle labour shortages that stop them employing
- Remove barriers that stop people working
- Enable Britain to become a Science and Technology superpower
The NFB welcomes the Budget, particularly the support for SMEs, acceptance of the impact that nutrient pollution has caused, and the addition of five construction roles to the shortage occupation list.
James Butcher, Director of Policy at the NFB said: “We worked incredibly hard alongside the Construction Leadership Council (CLC) and industry colleagues to secure changes to the shortage occupation list and we hope for further reforms in the future.”
However, the budget increases corporation tax, does nothing for rising house costs, and fails to make a link between growth and removing the regulatory and bureaucratic barriers to growth opportunities.
With planning reforms again not featuring, construction cannot secure pipelines of work to employ those going through ‘skills bootcamps,’ the cost of under-supply of housing will continue to restrict human resource movement, investor ambition remains stifled by uncertain planning, and climate related industries are still waiting for a signal of conviction.
NFB members can access our full guidance document, outlining and explaining the day’s key announcements that are likely to impact businesses and the construction industry, in the members area.