BMF shares ideas for growth with Chancellor

In the lead-up to the Autumn Budget, the Builders Merchants Federation has written to the Chancellor of the Exchequer, Rachel Reeves MP, asking her and fellow Ministers to consider five policy topics with ideas for economic growth.

The BMF had previously welcomed the Labour Government’s ambitions to build 1.5 million new homes during this Parliament, however the rate of house building activity has fallen over the past year and so the BMF is seeking a budget that will foster business-friendly conditions, with proposals that lead to a real increase in housing delivery.

The BMF also highlighted the negative impact of the significant increase in Employer National Insurance Contributions and increases in the National Living Wage and National Minimum Wage.  The BMF cited evidence that these measures have led to recruitment freezes and lower staffing levels within member companies – an unwelcome situation in a sector that plays an essential role in the supply of materials for the housing market.

The policy areas covered in the submission are:

• Inheritance Tax Business Property Relief
• New Home Ownership
• Business Packaging Waste
• Decarbonising Homes
• Low Carbon Heating

BMF CEO John Newcomb said: “Our pre-Budget submission reflects our focus on increasing construction activity in Britain following several years of little or no growth. BMF members play a vital role in the construction industry, particularly by supplying materials and building products needed for new housing and property upgrades to meet current energy and thermal efficiency standards. In writing to the Chancellor, we are not only communicating members’ concerns, but we are also providing suggestions for potential solutions.”