Skip to main content
 
 

Pressure On To Cut VAT

16 Mar 2009

European finance ministers have voted to remove the final hurdle to a reduction in VAT on building repair and maintenance work.

European finance ministers have voted to remove the final hurdle to a reduction in VAT on building repair and maintenance work. Now the pressure is on Alistair Darling to kick-start the ailing UK building industry and implement VAT cuts to save hundreds and thousands of jobs in the UK and ‘Get Britain Building' again.

The vote took place during a meeting of the ECOFIN Council in Brussels and paves the way for EU member states to apply VAT cuts for a range of goods and services to help companies (especially SMEs) navigate their way out of hard economic times, and retain or create jobs.

Industry voices in the ‘Get Britain Building' coalition, the biggest in constructions history, are demanding a cut in VAT as part of their 10 point Manifesto to revitalise the ailing construction industry. This one action by the government could stimulate UK construction - making building work more affordable for the consumer - as well as reducing the commercial advantage of the VAT evading trader. This would kick-start the economy and save many thousands of jobs and businesses.

The ‘Get Britain Building' coalition is spearheaded by the Builders Merchants Federation, British Precast, the Federation of Master Builders, and the Modern Masonry Alliance. The Manifesto sets out a platform of policy and tax decisions the partners want Gordon Brown and Alistair Darling to adopt if construction is to get through the worst economic hardship the country has endured for many years.

News source: Courtesy of Glass & Glazing Magazine