Chancellor Rishi Sunak delivered his Spring Statement earlier today but anyone seeking major announcements relevant to UK construction or products manufacturing is likely to be disappointed, as the focus instead was largely on energy security, resilience and relief for the cost of living increases, and aimed very much at individual households.
Peter Caplehorn, Chief Executive of the Construction Products Association, said: “Reducing VAT on energy efficiency products from 5% to 0% is of course welcome, but it won’t make a significant difference at a time when energy efficiency is critical for both the cost of living crisis and to move towards net zero. The decision to review the apprenticeship levy is long overdue. Perhaps more relevant is the 5 pence per litre (ppl) cut in fuel duty, as our sector is one of the largest users of the road network.
“We will echo many others across manufacturing, however, to say that the lack of support to tackle spiralling energy costs for businesses is frustrating. Energy bills often account for as much as one-third of overall costs for manufacturers, and with these bills, at historic highs, it was a critical moment in need to ensure a resilient UK industry.”
NOTE TO EDITORS:
The Construction Products Association is the leading organisation that represents and champions construction product manufacturers and suppliers. Our industry directly provides jobs for 382,500 people across 23,949 companies and has an annual turnover of £62.5 billion.
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Sami Miah | Communications Executive