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How will the budget affect your business and the electrical industry?

Author : John Gale

The government has announced that it is going to try to help first-time buyers to obtain a mortgage. Its proposed shared-equity scheme will be aimed at helping 10,000 first time buyers. Therefore, will the electrical industry be positively affected by potential housebuilding and the influx of many who would like to buy for the first time?

The government has announced that it is going to attempt to help first-time buyers to obtain a mortgage. The Firstbuy scheme would see the government and house builders offer loan help for first-time buyers, but only those purchasing a newly-built home.

The cost of doing this, put at £250m - will be financed by the proceeds of the bank levy. Meanwhile, one of the existing help schemes for existing homeowners in financial difficulty will be extended. The Support for Mortgage Interest scheme will last at least an extra year until January 2013, which Mr Osborne said would cut the mortgage arrears of 100,000 homeowners who become unemployed.

Before the announcement, in a letter to the chancellor, the Recruitment and Employment Confederation (REC) called on the government to implement a National Insurance holiday for at least a year to reward SMEs which take on young people. It also called on the government to avoid tax rises, scrap planned increases to National Insurance Contributions and promote flexible working measures.

Recently, the Forum for Private Business said that a radical Budget was needed to ensure SMEs, such as electrical contractors, can help the country to grow.

We want to know how you feel the Chancellor’s announcement will impact upon the electrical industry?

Will housebuilding and the electrical side of the industry be positively affected by the possibility of a large influx of new homeowners?

Has the increase in fuel prices made a noticeable impact?

Are you now considering taking on more apprentices as a result of the recent announcements by government to create 40,000 new apprenticeships?

As always we invite comment and feedback from readers, please see the link below.

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