Yesterday (Wednesday 3 March) Chancellor Rishi Sunak unveiled the contents of his Budget in the House of Commons.
Setting out the government's tax and spending plans for the year ahead, he announced new measures to help business and jobs through the pandemic and to support the UK's long-term economic recovery and a series of tax-raising plans to help rebalance the public finances.
Here, Neil Sherreard, our deputy chairman shares his thoughts on the announcements and what it means for the sector...
“Extra investment in training is certainly something to welcome as we look ahead to the future of our industry.
“The investment in training today will shape the sector of tomorrow and it’s always been an important part of Beard’s culture to help bring on the skills necessary through our own training schemes.
“The increase in apprentice payments will help to strengthen those schemes and the idea of the ‘flexi-job’ apprenticeship is an interesting development. If apprentices are able to move around different employers within the sector they will certainly get a deeper insight into how different firms operate and the broad range of projects we cover as an industry.
“But it does present some questions around who is ultimately responsible for their development as some firms may feel that investment is wasted if they decide to go elsewhere.
“However, in the short term, the introduction of the ‘super deduction’ tax incentive for companies with cash reserves to invest in new materials and create jobs, will be a significant development for construction firms’ finances.
“During the past 12 months it’s been clear that financial responsibility as a business is of paramount importance, being a prompt payer, treating suppliers and subcontractors fairly and having the right financial controls in place are key.
“This is a tax incentive that rewards that financial management and will help the sector to continue its progress out of this current national crisis.”
“Extra investment in training is certainly something to welcome as we look ahead to the future of our industry.