The Kbsa welcomed the 2018 budget delivered by Philip Hammond on Monday (29 October) which included much good news for business and consumers.
National Kbsa chair Richard Hibbert said: “The Chancellor announced that the era of austerity is finally coming to an end and provided a budget that was big on spending and investment.”
“There were a several bright spots for small business, the cuts in business rate bills, a reduction in the apprentice levy and a refocus of the Employment Allowance.”
“Consumers will also feel that they have more money to invest in their homes because both the personal allowance and higher rate threshold for income tax were raised, this has been hailed as a tax cut for 32 million people and should boost consumer confidence.”
“Housing received a boost with support for small builders, new partnerships with housing associations and increased funding for the Housing Infrastructure Fund. These measures are all designed to deliver more homes and stimulate the housing market, which will benefit the KBB market but the reality is that they will take a long time to have an impact.”
“The new digital tax could be an interesting addition to our countries funds and would help everyone.”
“Overall the Chancellor seems to be trying to instil confidence that the economy is in good shape. However, things can still change over the next five months and it remains a challenge for businesses plan around such uncertainties.”