Top 5 Budget take-aways for SME housebuilders
In October 2021, Chancellor Rishi Sunak announced his plans for the Government’s Autumn Budget and Spending Review to help support a stronger economy post-pandemic.
Here’s the top five points for SME housebuilders.
1. What’s happening with Business Rates?
If you operate from a business premises and you normally pay business rates, your bills should be frozen until 2023. Many small businesses already receive exemptions on their business rates bills. The Chancellor also used the Budget to reward businesses that make ‘green’ upgrades to their buildings.
2. Push to build more homes
The Government wants to see more homes built. It used the Budget to announce funding for up to 1 million new homes, as part of a £10 billion spending commitment on housing. Vitally for SME housebuilders, this funding includes £300 million to be used by local authorities to unlock small brownfield sites.
3. Investment in Retrofit
£450 million will be invested to grow the heat pump market to hit a target of installing 600,000 heat pumps per year by 2028.
4. Support for Skills and Training
In this budget the Government went big on skills, as part of the increasingly popular ‘levelling up’ agenda. What does this mean for your business? It should provide easier access for apprentices into your firm as more funding will go into recruitment services.
There will better equipment and facilities for T-Levels and more places for post-16 education. The funding will also help deliver new ‘Institutes of Technology’ to help offer more technical skill options for those looking to enter the industry.
5. Easing Materials Shortages
While the materials shortages weren’t tackled directly by the Budget, some measures have been introduced that may help ease the pressures, like more support for HGV driver testing and recruitment. Greater capacity should mean fewer delays in getting goods to local merchants.
Subscribe to gain instant
access to this article
Create a free LDS account to continue reading this article
and gain full access to Boost.
Transforming development finance
for housebuilders, lenders and brokers