Following Chancellor Kwasi Kwarteng’s statement this morning, Kevin Minton, Chief Executive of the Construction Plant-hire Association (CPA) said: “We welcome the government’s renewed focus and commitment to growth. The Chancellor has provided a framework for the construction industry to work with in the interim. Setting the Annual Investment Allowance (AIA) at a permanent level of £1m is a welcome step in boosting business investment and echoes our calls for certainty and consistency in the tax system.
“The creation of investment zones is a promising step in looking to spread economic growth across the country and we are keen to see further details on how this takes shape in the coming months. The government’s commitment to deliver high quality infrastructure and reform via the Planning and Infrastructure Bill has the potential to boost construction, however, we need to see these steps become a reality. Successive governments have tried to reform the planning system, with limited success.
“Following our calls for the Super Deduction Allowance (SDA) to be kept on a temporary basis, we are keen to see what further plans the Treasury has for the SDA and any potential successor – the Growth Plan in its current guise, does not cover additional ideas or information on business investment incentives following the Treasury’s own consultation this Summer.
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“With the announcement earlier this week from the Business Secretary Jacob Rees-Mogg on the six month energy support package for business, it is good to see the government start to tackle the concerns of the construction industry. It is important we have further clarity and consultation with government to ensure the construction industry remains at the forefront of the government’s focus and drive for sustained growth.”
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 1,700 members, who supply 85% of hired plant to the construction industry. The organisation is the UK’s principal point of contact for all issues relating to the use of construction plant.
The CPA works with government departments and agencies, local authorities, construction clients, private companies, other trade associations, and third sector organisations, on issues including employee health and safety, machinery standards and emissions control, public safety and road transport, skills and employment. The CPA publishes a wide range of guidance documents which are distributed widely throughout the construction industry and many are available for immediate free download from the CPA website at www.cpa.uk.net. The CPA supports a number of Special Interest Groups, which tackle issues within specialist sectors.
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