Government intervention to finance small house builders welcomed by FMB
(PRWEB UK) 19 March 2014 -- The Chancellor’s Budget announcement of a £500 million Builders Finance Fund for small house builders will provide a major boost for housing supply and has been welcomed by the Federation of Master Builders (FMB).
Brian Berry, Chief Executive of the FMB, said: “Access to finance is a major stumbling block for viable SME house builders so this government intervention is much needed as many major banks are still reluctant to lend for small residential developments. This additional support will provide the necessary finance to small house builders and help increase the overall supply of new housing through a well-functioning SME sector.”
Berry added: “Unfortunately today’s Budget overlooks the need to make our existing homes an infrastructure investment priority. A reduction in VAT to 5% on housing renovation and repair is the simplest and most effective way to empower home owners to refurbish their properties to make them more energy efficient and cheaper to run. This cut in VAT would provide a £15bn economic stimulus over five years and up to 95,000 jobs which re much needed while our economy is still in recovery.”
NOTES TO EDITORS
Federation of Master Builders
The Federation of Master Builders (FMB) is the UK’s largest trade association in the building industry, with national offices in England, Northern Ireland, Scotland and Wales, supported by additional regional offices. Established in 1941 to protect the interests of small and medium-sized building firms, the FMB is independent and non-profit-making, lobbying for members’ interests at both national and local levels.
The FMB is a source of knowledge, professional advice and support for its members, providing a range of modern and relevant business building services to save them time and money. The FMB also offers advice to consumers via its ‘Find a Builder’ and ‘Check a Member’ services. Please visit http://www.fmb.org.uk.
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The FMB constantly lobbies government at all levels to boost output and raise standards of safety and professionalism in construction. To keep abreast of our campaigns and news, and to join the debate, follow us at twitter.com/fmbuilders or like us at http://www.facebook.com/FederationofMasterBuilders.
Press contact:
Sarah McMonagle
Federation of Master Builders
Policy and Public Affairs Manager
T: 020 7025 2901
M: 07741 240 664
E: sarah(at)fmb(dot)org(dot)uk
Sarah McMonagle, Federation of Master Builders, +44 20 7025 2901, [email protected]
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