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BMA welcomes VAT cut for green improvements  

The Bathroom Manufacturers Association has welcomed elements of the Spring Statement delivered by Chancellor Rishi Sunak today.  

Set against a backdrop of rising energy, fuel and food costs, the Chancellor started his address by emphasising the need for economic growth. He promised business consultations on apprenticeship levy reform and business tax relief, ahead of the Autumn budget.  

The specific cuts in fuel duty and green home improvements, announced today, are welcome steps in the right direction.  

Responding to the Spring Statement, BMA Chief Executive Tom Reynolds said: “Following the confirmation that inflation is at its highest level for three decades, this is a concerning time for the whole of economy. Bathroom manufacturers are performing well after a strong recovery after the pandemic, but we do not operate in an economic vacuum. 

“The industry will therefore welcome the cut to fuel duty announced by Rishi Sunak today. This will help companies manage the spiralling costs of logistics and fleet management and will help consumers with motoring costs. 

BMA, along with partner organisations like the FMB (Federation of Master Builders), has been calling for VAT removal on home energy efficiency improvements for years. So, it’s great to see the Chancellor finally make this move. Retrofit is an important way to tackle the UK’s reliance on imported energy, including Russian gas, and bathroom manufacturers are keen to play their role in home refurbishment.  

“While welcome, the tax cuts delivered through the NI threshold increase in July and through a penny cut in income tax by the end of the Parliament, will not help the cost-of-living crisis now. The NI hike next month will dent consumer spending power and increase company wage bills immediately.”

 

 

 

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