With the autumn budget now announced, Kbsa national chair Richard Hibbert has expressed his thoughts in regard to the chancellor’s announcement, explaining that the Kbsa gave a cautious welcome to the 2017 Autumn Budget.
National chair Richard Hibbert says, “It was not quite the significant budget we thought it was going to be and whilst it does include some business-friendly measures, the slashing of growth forecasts and warning that borrowing will increase sharply is a stark reminder that the economy is far from stable.
“One of the most welcome measures was that the Chancellor has listened to the concerns of small businesses and frozen the VAT threshold, this will stay at £85,000 for the next two years. In addition, the introduction of three-yearly property revaluations, instead of the current five-yearly pattern, will prevent large swings in premises’ rateable values that in turn will make businesses’ liability more predictable. It was also good to see that there was no increase in Vehicle Excise Duty (VED) on new diesel vans, these vehicles are often crucial to KBB retailers and the freeze on petrol and diesel duty at a time of spiralling costs is much needed. It remains to be seen whether the removal of stamp duty for first-time buyers will have a positive impact on the housing market further up the chain but it will certainly go some way to helping the affordability crisis facing younger people. There was yet another commitment to ensure that more new homes were built. Let’s hope that this does lead to substantial improvements in the housing market which will benefit retailers and manufacturers alike.”Kbsa | kbsa.org.uk