Budget Has Some Good News for the Plastics Industry but Fails to Detail Much-Needed Public Sector Cutbacks

The British Plastics Federation has welcomed the scrapping for first time buyers of Stamp Duty for homes below a value of £250k. Peter Davis Director-General said

" this should stimulate the moribund housebuilding and refurbishment sector. Housebuilding  is a key locomotive in the economy. In our 4th March Eight Associations letter to the Chancellor we did call for the Government to stimulate this sector".

The BPF has also welcomed the help for small businesses in skills, innovation and investment. Peter Davis welcomed the Chancellor's decision to stagger the fuel duty increase with a one pence per litre increase in April.

"The Eight Associations did ask the Chancellor not to increase fuel duties, so this is better than nothing. But we also asked him to cancel next year's National Insurance Contributions increase - a heavy tax on jobs- and he hasn't budged on that.

The BPF is disappointed that the Chancellor has not outlined a more substantial  programme of public sector cutbacks to reduce the huge £167bn Government borrowing forecast for this year. Peter Davis said

"The Government is borrowing £1 for every £4 it spends. It increased public sector staff from 5 million to 6 million over thirteen years. Not making the cutbacks urgently needed harms the UK's ability to keep and attract inward investment and threatens our credit rating and currency value'' . 
                                    

ENDS