Following Chancellor Rachel Reeves’ Spring Statement earlier today, Steve Mulholland, Chief Executive Officer of the Construction Plant-hire Association (CPA) said: “Today’s Spring Statement has failed to address the challenges facing the construction sector arising from the National Insurance hike and proposed reforms to inheritance tax. These changes threaten the existence of thousands of family-owned businesses in the construction sector.
“Next month’s National Insurance hike will make it more difficult for family-run businesses to recruit and tackle the skills crisis, while changes to inheritance tax could force many to sell up just to cover the tax bill.
“If Labour truly wants to drive growth it must urgently reconsider its approach and assess the real-world impact of these changes. Family firms are the backbone of the construction industry, so if the government wants homes built and infrastructure projects delivered on time, it has to support those independent, family-run companies doing the actual work.”
Editor’s Note: The Construction Plant-hire Association (CPA) is the largest trade association for the plant-hire sector in the UK. The CPA has over 1,900 members, who supply 85% of hired plant to the construction industry.
The construction plant-hire sector contributes £14 billion and 191,500 jobs to the UK economy. For every £100 contributed to GDP directly by construction plant-hire, the sector supports a total of £218 around the economy.
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