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CPA reacts to the Chancellor’s Spring Statement

Following Chancellor Rachel Reeves’ Spring Statement earlier today, Steve Mulholland, Chief Executive Officer of the Construction Plant-hire Association (CPA) said: “While it is positive to see the Chancellor reaffirm Labour’s commitment to backing builders and delivering 1.5 million new homes, today’s Spring Statement was a missed opportunity to provide the certainty our sector urgently needs."

“With unemployment forecast to peak later this year, now is the moment to strengthen industries like construction that drive jobs, productivity and regional growth.

“Plant-hire firms sit behind every housing and infrastructure project in the country. Yet 96% of our members are family-owned businesses now facing higher employer National Insurance contributions, rising wage costs and the looming impact of Business Property Relief and inheritance tax changes coming into force this April."

“If Government is serious about accelerating delivery, it cannot raise the cost of employment and investment at the same time. That means reversing measures that penalise family succession, introducing full expensing for leased plant and equipment, and ensuring employment reforms do not reduce flexibility."

“We are ready to work with the Government to power growth, but without meaningful support for the SMEs on the ground, Labour’s ambitions risk becoming rhetoric rather than reality,” he continued.

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