FMB welcomes government U-turn on tax cuts

Brian Berry

In an emergency statement today, Mr Hunt scrapped high-profile cuts to income tax and corporation tax which led to market chaos and the eventual sacking of Chancellor Kwasi Kwarteng after just over a month in post.

He has retained cuts to stamp duty, which do not apply in Scotland where there is a separate land and buildings transaction tax (LBTT).

Brian Berry, chief executive of the FMB, said: “The building industry won’t be alone in feeling confused and concerned by recent political and economic events. Small, local building firms need the stability and confidence that the new Chancellor has promised today.

“The commitment to retain the stamp duty cuts and the promise to incentivise energy efficiency as part of the government’s support with record energy prices is encouraging.

“This latter commitment would be best delivered by the government backing a national retrofit strategy to make our existing homes more energy efficient which would also have the added benefit of creating jobs and growth in every region.”