KBSA CEO Graham Ball has welcomed this week’s budget as one that will help KBB retailers and encourage small businesses to invest.
We asked for some good news and this time the Chancellor delivered, “says Graham Ball CEO of the KBSA.
The creation of an employer’s allowance which will mean small businesses will not have to pay NICs under£2,000 is surprisingly good news. This measure reflects the fact that SME support is finally being recognised as significant and key part of the economy that needs nurturing if we are to get growth back.
The reduction in corporation tax to 20% will also help existing businesses and hopefully start to encourage new businesses as this tax regime starts to become business friendly, at last.
The Help to Buy housing scheme has come in for some criticism already as all of the details of how each element will work are not known but it does appear to be quite innovative and different from previous schemes and if successful could give a timely boost to the sector.
As the equity loans are not solely aimed at first time buyers but aimed at new homes it should encourage movement in the housing chain creating opportunities for new kitchens, bathrooms and bedrooms to be required – great news for the KBB sector.
There was also good news for the motorist and businesses that have delivery vans on the road. The cancellation of the 3p rise in fuel duty will not increase costs, one of the main causes of rising overheads for many SME.
We did not get our long called for cut in VAT on repair maintenance and improvement works but overall a welcome budget for business.
Graham Ball is the CEO of The Kitchen Bathroom Bedroom Specialists Association (KBSA) . The Association brings together over 300 fully accredited, UK based independent, retailers. Each KBSA member provides all the expertise required to design and install a new or updated fitted kitchen, bathroom, bedroom or home office.