NFRC News Detail

Chancellor on the right track with his investment-led Budget but should go further

by x Tennant | Mar 03, 2021

Commenting on Budget 2021, Chief Executive of NFRC, James Talman, said:

The Chancellor has set out a solid investment-led economic roadmap in his Budget that supports the UK economy as it comes out of lockdown and into recovery. He is right to focus on tax incentives, many of which will help boost construction‐particularly the extension to the cut in Stamp Duty, the ‘super deduction’ for companies that invest in plant and machinery, and the enhanced ‘Structures and Buildings Allowance’ at Freeports.

He added:

However, the Chancellor can and must go further to encourage investment—not only to help the economy grow but to ensure we make our buildings fit for the future. To spur on investment in the upgrading of commercial buildings, he should extend his ‘super deduction’ policy so that it applies not only to plant and machinery but to buildings too. This will help businesses to not only bring down their energy bills but also to support the UK to reach its net-zero target.

He concluded:

The increase and extension of the payment for employers who take on an apprentice to £3,000 is extremely welcome and will provide much-valued support for those companies that invest in the careers of today and tomorrow.

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