Ahead of the Budget on March 19th, the Modern Masonry Alliance has joined forces with 61 Industry Coalition partners to back the FMB led campaign calling for an immediate cut in the VAT on major home improvements. The aim is to stimulate the market, creating Jobs and Growth throughout the UK.
The move follows the launch of a new report, produced by Experian and launched at the House of Commons last week, which highlights the many social and economic benefits such a move would create.
Commenting on the call for an immediate intervention Mike Leonard, CEO of the Modern Masonry Alliance said:
“Cutting VAT to 5% for 2 years remains a central requirement of the “Get Britain Building Campaign”. All three political parties have followed our advice and are now right behind the need to build thousands of new homes. Renovating and extending our 26 million housing stock, of which 80% is owner occupied, is also of critical importance if we are to create Jobs and Growth and ensure our homes are fit for the future.
We firmly believe that this move would prove cash positive in terms of net VAT income and would create employment opportunities for the 1 million young people still looking for work in this country. By making the VAT cut on higher value home improvement projects and extensions carried out by bona fide builders and by making it time limited, this initiative would provide the stimulus and consumer confidence which is the catalyst that is needed to kick start this highly important and ailing part of the UK economy.”