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Budget Disappoints Consumer Products Association
| The precarious position of Britain's public monetary resources may have been the primary concern of Chancellor Alistair Darling when he presented his third Budget on Wednesday, 24th March, but the Construction Products Association had previously written to Mr. Darling urging him not to place any additional tax or regulatory burdens on the construction and manufacturing industries. nnMr. Darling said in his Pre-Budget Report in December that he planned to halve the budget deficit within four years, but was criticised for not revealing sufficient detail as to how he intended to do so. The budget deficit for this year is predicted to be ?11 billion lower than originally thought at ?167 billion, falling to ?163 billion, ?131 billion, ?110 billion, ?89 billion and ?74 billion in subsequent years.nnThe Construction Products Association acknowledged the urgent need to reduce public borrowing, but nevertheless asked the Chancellor to maintain capital investment in public sector building projects at 2.25% or more of GDP ("Gross Domestic Product"), to review ecologically sound products and services that are eligible for a reduced rate of VAT and to extend the Boiler Scrappage Scheme which in two months has exhausted its entire supply of 125,000 vouchers originally intended to last two years. nnThe Construction Products Association represents 85% by value of the manufacturers and suppliers of construction products, components and fittings in the country, with a combined annual turnover in the region of ?40 billion. Major company members of the Construction Products Association include Baxi, Pilkington and Wolseley, but trade association, affiliate or associate membership is available to any company in the construction products industry, including those involved in door hardware, window and joinery hardware, shelving and storage products, screws and fixings, like http://www.ironmongerydirect.co.uk . The Construction Products Association website includes a members' only section, providing restricted access to the full range of statistical and economic information available from the Association.nnThe Chancellor did announce a so-called "growth package" worth ?2.5 billion to help small businesses and entrepreneurs, including doubling of entrepreneurs' relief from Capital Gains Tax to the first ?2 million of lifetime gains, doubling Annual Investment Allowance to ?100,000 and cutting business rates for one year from October. The package will be funded in large part by the windfall tax on bankers' bonuses, which raised ?2 billion or four times the amount predicted when it was unveiled in December. The Confederation of British Industry (CBI) described the measures as "a series of modest but helpful changes."nnThe Construction Products Association, for its part, expressed its disappointment that Mr. Darling had ignored its suggestions and, in so doing, delivered an overtly political budget with no surprises, but equally few major announcements that would help companies in the construction products industry.n |
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Tom Smith - Product Information Manager - http://www.IronmongeryDirect.co.uk/Products/Door_Furniture nGet a Unique Version of this Article Article Marketing
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