Stamp Duty Extension Signals £100 Billion For Homes & Home Improvement

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A £100 billion savings mountain and a three-month extension to the stamp duty holiday are the clearest signals yet that we can expect demand in the retail market to continue at current levels for quite some time yet.

That’s the view of Martin Nettleton, MD or Barnsley based trade fabricator Euroglaze, who says that fenestration market has much to be pleased about in Rishi Sunak’s recent budget.

 “Given the fact that UK households are estimated to have accumulated around £100 billion in excess savings during the pandemic – a significant proportion of which we can hope will be spent on home improvements, that’s really positive news for our sector.”

– Martin Nettleton 

MD, Euroglaze

Fabrication

“We also of course had some reassurance in the budget that the much-trailed hikes to corporation tax won’t kick in until April 2023 and even then, there will be tapered increases for businesses with smaller profits, which will help many of the retail installers operating at the sharp end of our industry," continues Euroglaze's Nettleton. “And, for fabrication businesses like ours which are always looking to invest, we were delighted to see the improved tax breaks available for plant and machinery

“Growth this year is predicted at 4% and next year at 7%, which would see the economy return to pre-pandemic levels. There’s obviously a huge amount of public debt to be cleared, yet with Rishi signalling that he intends to continue investing for growth rather than taxing hard and fast to balance the books at this stage, I think we should all be feeling pretty positive about the outlook for our market in 2021.”

Picture: Martin Nettleton Managing Director of Euroglaze.

Article written by Cathryn Ellis
16th March 2021

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