October 2011
Calls for VAT cut
As part of his five point plan to kick-start the economy shadow chancellor Ed Balls has said that he plans to cut VAT on home improvements. In a speech at the Labour party conference, Balls said that he would introduce a 5% reduction to VAT on home improvements for one year.
The Federation of Master Builders (FMB) has welcomed the move, which it and several other organisations have been campaigning for.
Director general of the FMB, Richard Diment said: “A targeted cut in VAT for home improvement works makes good economic sense as the total stimulus effects of such a cut would be more than double any net loss to the Treasury as well as helping to create tens of thousands of new jobs.
“This policy makes sense on every level. It supports economic policy by creating jobs and generating growth; it supports environmental objectives by helping to bring derelict homes back into use thus taking pressure off the green belt land to provide new housing; and it tackles rogue traders and tax dodgers by reducing their competitive advantage over legitimate businesses.”
Balls’ promise comes a month after Scottish first minister Alex Salmond’s call for the government to cut VAT on home improvements to provide a boost to the construction sector.
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