Rate relief, restart grant, expansion of support for self-employed and investment in skills will help KBB industry get quickly back in business; However, housing market subsidy needs to be matched with incentives to invest in quality of homes.
The British Institute of Kitchen Bedroom and Bathroom Installation (BiKBBI), has welcomed the support for small businesses and skilled trades announced by the Chancellor in today’s Budget statement. However, the trade institute, that represents thousands of tradespeople and independent retailers in the home improvement industry, calls on the Government to go further to ensure that the industry can play its fullest role in ‘levelling up’ every community.
Damian Walters, Chief Executive of BiKBBI, said: “Many of the measures in today’s budget will give a real boost to the KBB tradespeople and independent retailers who have had to deal with so much over the past year. In particular, the restart grant and extension of business rate relief will help the showrooms that have had to close their doors through the lockdown get quickly back into business over the coming months. Alongside this, the expansion and extension of support for the self-employed offers a lifeline for the sole-traders that are the lifeblood of our industry.
“The doubling of incentive payments for employers taking on apprentices is also great news, particularly given the urgent need to train a new generation of skilled installers.
“Our members will be a little disappointed that the VAT relief being enjoyed by other industries is not being extended to the home improvement sector, particularly given the potential it has to stimulate local economic activity. And while mortgage guarantees will drive activity in the property market, they do little to incentivise people to invest in the quality of their homes. We hope that this is something the Government looks at over time to ensure that homes themselves are valued just as much as home ownership.”