The Bathroom Manufacturers Association (BMA) has reacted to Chancellor Jeremy Hunt’s Autumn Statement. The BMA says the sober fiscal measures in the announcement were necessary, but more needs to be done to inject positivity into the economy.
BMA Chief Executive Tom Reynolds said:
“Nobody, probably even Government ministers, really want to see the stealth tax rises and cuts in public spending that were announced at the dispatch box yesterday. However, manufacturers recognise the need for the Government to restore the market’s faith in its ability to manage the economy. After the previous administration’s disastrous experimental tax cut bonanza and its negative effect on lending rates, gilts and currency, it’s vital that we see more sobriety and stability.”
Reynolds continued:
“However, we would have liked to have seen the Chancellor provide a more positive narrative in his presentation of the OBR’s figures and a better picture for the future. The bathroom sector has remained resilient, but with wall-to-wall negativity about the economy, we run the risk of a confidence crisis. Measures could have been taken to better incentivise investment in businesses and the housing stock, but that opportunity was missed.”