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4th March 2021
The Chancellor’s investment-led recovery
UK investment and the construction industry will play a central role in the Government’s planned recovery for the economy. The Chancellor has set out a range of measures to boost UK investment including a £12 billion UK infrastructure bank, the creation of eight freeports, a super tax deduction of 130% on companies’ investment in plant & machinery over the next two years and direct investment by the Government in the UK's infrastructure.
The UK economy shrunk by 10% last year, a record fall but slightly less than had been anticipated in official forecasts. Looking ahead the vaccine roll-out has brightened the outlook for the UK economy, lifting business and consumer confidence. Nevertheless, conditions remain fragile near-term and the Budget has sought to nurture the current recovery.
The Chancellor is providing near-term support for the housing market. He has extended the temporary reduction in Stamp Duty, with a phased withdrawal over the next seven months. In addition, the Government is introducing a new mortgage guarantee scheme for those looking to buy a new-build or existing home this year with a deposit of just 5%. These measures should support market turnover and house prices.
Similarly, the Chancellor has extended the furlough and related schemes into the autumn to minimise the impact upon affected households, businesses and the wider economy.
Whilst taxes will have to rise, the Chancellor is deferring planned increases until the UK's economic recovery is firmly established.
‘Levelling up’ the Country
Yorkshire & the Humber
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PR contact:Rhys Gadsby (Economic Analyst)T: 01202 786 714 │ E: firstname.lastname@example.org
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