Cutting VAT on housing renovation could help drive UK economy boost
Reducing the VAT on work and products related to housing renovation could help further boost the UK economy by more than £15bn from 2015 to 2020, while also creating in excess of 95,000 jobs, a news report in the local business media has revealed.
This initiative is backed by more than 60 charities, trade associations, business groups and financial institutions that are united in calling on all three main political parties to commit to this VAT reduction in their 2015 General Election manifestos.
Brian Berry, Chief Executive of the Federation of Master Builders (FMB), said: “A VAT reduction on housing renovation and repair work will empower home owners to contribute to growth, jobs and greener homes without placing a burden on the Treasury.
“This research shows that the wider benefits of a VAT reduction on housing renovation and repair would stimulate more than £15 billion of wider economic activity, which completely overshadows any direct losses to Treasury coffers due to a drop in the percentage charged for VAT.
“It is a myth that EU law prevents the UK government from reducing VAT on housing renovation and repair. This research report clearly shows that almost half of EU member states are currently enjoying the economic, environmental and social benefits that this VAT reduction can bring. Why should the UK not follow suit?”
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