GGF review of the UK Chancellor’s Autumn Statement

GGF had written to the Chancellor 8 weeks before his Autumn Statement announcement to highlight the GGF campaigns and raise Members’ concerns.

Nigel Rees, GGF Group Chief Executive: ñAs had been anticipated, it was good to hear the Chancellor confirm the increase in funding of £100m to support homeowners installing energy efficient measures in their properties. However, it remains to be seen how much of this funding will help homeowners install energy efficient windows. It was also pleasing to see a drive to increase new builds and positive to hear that the Chancellor’s statement has included some measures that will benefit small businesses, such as expanding the British Business Bank, freezing fuel duty as well as doubling business rate relief for small businesses for another year.î

Giles Willson, GGF Deputy Chief Executive and Director of Technical Affairs: ñSome of our Members’ work on the correlation between house sales and replacement windows appears to have had some influence on the Chancellor announcing a significant change in stamp duty. However, it is a pity that the Government hasn’t had some joined up thinking on stamp duty and energy efficiency. We would like to see the Chancellor using it as an incentive to increase energy efficiency home improvements. However, being optimistic, with this change in stamp duty we hope it motivates the property market and in turn drives the home improvement sector.î

Key points

– from GGF’s political advisors GK Strategy

Energy

• £31 million investment in new energy security and innovation centres
• £25 million of funding in 2015-16 for first_time heating systems in off-gas-grid homes in England
• extra £100 million over 2014-15 and 2015-16 to support households installing energy efficiency improvements
• most energy companies have also pledged to hold the price of electricity and gas constant until either the end of 2014 or 2015

Construction and Planning

• existing commitments for up to 42,000 homes, release land with capacity for up to 150,000 homes and commit to new measures to support up to 133,000 homes
• speed of decisions on major applications will be kept under review, with the minimum performance threshold increasing to 50% of major decisions on time as performance continues to improve

Jobs

• young apprentices National Insurance to be abolished
• universal credit work allowances will be frozen for another year
• end to unemployment benefits for migrants with few job prospects

Tax and Pensions

• tax-free personal allowance will rise to £10,600
• higher rate tax threshold will be go to £42,385 next year
• Stamp duty is to be redesigned and only apply to the part of the property price that falls within that band
• 55% death tax on unused pensions is to be abolished

Business

• plans to expand the British Business Bank and peer to peer lending
• £45m package for first time exporters
• increase in the Research and Development tax credit for smaller firms
• small business rate relief will be doubled for another year
• fuel duty will be continued to be frozen

Read more about the Autumn Statement

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