The Confederation of British Industry (CBI), the business lobby group, has followed the lead of mainstream heritage advocates and called for a VAT cut or subsidies for renovation and repair works, to create 80,000 jobs from a £500m investment.
In an open letter to the Chancellor the CBI has asked for a critical ‘short term’ economic boost that could be achieved by encouraging ‘refurbishment of existing housing stock through either a tax cut or subsidy to renovation and repair work’.
CBI Writes:
‘Demand for refurbishment can be stimulated in the short term by either subsidising refurbishment work or through a VAT cut on all renovation and repair work on existing homes. This has the potential to create 80,000 jobs at a cost of no more than £500m. It would also help increase housing supply in the near term, bringing empty homes back into use.’
See the letter to the Chancellor at: LINK
CBI News: LINK
Building Co UK News: LINK
