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Press Release

No surprises for construction in overtly political Budget

24 March 2010

As expected the Chancellor of the Exchequer delivered an overtly political budget today, which whilst containing no surprises, also delivered very few major announcements that will help companies in the construction products industry play their part in the economic recovery and delivery of a low carbon economy.

Commenting on the Budget, Michael Ankers, Chief Executive of the Construction Products Association, said: 'Whilst we welcome the support for a Green Investment Bank and investment in renewables, the big disappointment was the lack of any help for households to improve the energy efficiency of their homes. We have consistently called for the government to extend both the list of energy saving products that are eligible for a lower rate of VAT and the boiler scrappage scheme. We are therefore very disappointed that both of these suggestions have been ignored by the government, as these really would have given a clear indication of the government's desire for a more sustainable future.

'The support for SMEs, such as the credit complaints adjudicator and the UK Finance for Growth scheme, are to be welcomed and we agree with the Chancellor that successful SMEs are a crucial part of the country's economic prosperity. For too long the credit facilities for SMEs have been detrimental to their ability to survive and grow, therefore assessing fair bank behaviour and increasing support is very important for the countries recovery.

'Over the last couple of years the housing market has been severely hit and although recovery has begun we are pleased that the stamp duty rate holiday for first time buyers has been doubled to properties up to £250,000 in value, as this should boost the housing market further. However, it is also important that support continues for existing schemes, such as Home Buy Direct and Kickstart as these are also important in supporting and encouraging the fragile housing market recovery.'

The prospects for the construction industry over the next few years will be determined far more by measures taken by the new government after the election including the next Comprehensive Spending Review, than anything that has been announced today.



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Construction Products Association

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