FMB
Welcomes Labour’s VAT Cut Pledge
Monday
26th September 2011 – FOR IMMEDIATE RELEASE
The Labour Party’s announcement
to support a VAT cut to 5% on domestic Repair Maintenance and Improvement
(RM&I) works is welcome news to the building industry, says the Federation
of Master Builders (FMB).
Richard Diment, FMB
Director General, responding to today’s speech from the Shadow Chancellor, Ed
Balls, to commit to a VAT cut as part of the Labour Party’s five point plan to
revive the UK economy 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.”
Diment continued:
“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.”
Diment concluded:
“Once again we, and our
supporters across the ‘Cut the VAT Coalition’, call on the Government to adopt
this policy.”
