The Build Show 2015 supports cut the VAT campaign
As a new report shows that cutting VAT on housing renovation and repair could deliver a staggering £15 billion boost to the UK’s economy, the Build Show is proud to join the Cut the VAT Campaign.
The independent report conducted by Experian demonstrates that reducing VAT on these measures to just five per cent between 2015 and 2020 could create more than 42,000 full time jobs within the construction industry, as well as 53,000 jobs in the wider economic community.
It would also raise the living standards of more than 92,000 households – support that is vitally needed in the face of rising energy costs and increasing fuel poverty. What’s more, with the slow start to Government refurbishment schemes such as the Green Deal and ECO, it could help kick start the retrofit revolution the UK’s aging housing stock so desperately needs.
With homes accounting for almost 30% of the UK’s carbon emissions, improving residential energy efficiency will play a huge part in helping the Government meet its commitments under the Climate Change Act – which requires an 80% reduction in emissions by 2050. The Cut the VAT report goes on to show that this simple reduction in taxation could save almost 240,000 tonnes of CO2 by 2020.
The campaign is urging all three main political parties to commit to this targeted VAT reduction in their 2015 General Election manifestos and the Build Show is pleased to add its voice to the alliance of more than 60 charities, trade associations, businesses and financial institutions that are lobbying for action.
Paul Godwin from the Build Show comments: “We are committed to supporting the needs of the building and contracting sectors of the construction industry and the research from the Cut the VAT Campaign clearly shows that this could deliver a much needed boost for these markets. We’re proud to support the campaign and would encourage anyone else that feels the same to contact their local MP and help highlight the cause!”
For more information please visit www.buildshow.co.uk
