July 2015 Budget Comment from Richard Steer, Worldwide Chairman, Gleeds
The last budget by a Conservative government was 1996 – it promised a cut in income tax, raising of inheritance tax threshold and enhanced spending on housing. It’s 2015 and this is the ‘back to the future’ budget with Osborne picking up where Ken Clarke left off. There are some things to welcome like the new road fund, plans for devolvement of planning and enterprise zones to pass to local control and a cut in corporation tax but also many opportunities lost. Where is the green agenda, a credible - new home building programme, and HS3? There will be some discussion that the cut in social housing rents may hit future development plans. The new apprentice levy for large firms is also unspecific. Will construction firms who already pay through the CITB be excluded, or pay twice? Welfare cuts will dominate the headlines but Construction needs to look at the small print.
For an in depth analysis of the Budget and its impact on the property and construction industries, read our July 2015 Budget Report.