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Autumn Statement - Highlights for Property and Construction
Posted on Nov 23, 2016

Autumn Statement - Highlights for Property and Construction

General Economy

The OBR has forecast slower growth over the next two years, but the UK is still forecast to be the fastest growing major economy in 2016.

Employment is predicted to rise in each of the next 5 years, with half a million more people forecast to be in work by 2021.

Debt - still huge and won't be disappearing anytime soon.

Taxation, Wages and Benefits

Personal Tax allowance to rise to £11,500 in 2017/18 and rate at which the higher rate of tax is paid will rise to £45K.

The National Minimum Wage increases:

  • - for 21 to 24 year olds – from £6.95 per hour to £7.05
  • - for 18 to 20 year olds – from £5.55 per hour to £5.60
  • - for 16 to 17 year olds – from £4.00 per hour to £4.05
  • - for apprentices – from £3.40 per hour to £3.50

The National Living Wage for those aged 25 and over will increase from £7.20 per hour to £7.50 per hour.

Announcement that benefits will be taxed at the same level as salary, but…

  • - Pensions, pensions advice, childcare, Cycle to Work and ultra-low emission cars will be exempt
  • - All arrangements in place before April 2017 will be protected for up to a year
  • - Arrangements in place before April 2017 for cars, accommodation and school fees will be protected for up to 4 years

Fuel duty frozen; good news for transportation costs.

National Productivity Investment Fund

£23bn of additional spending on transport, digital communications, research and development (R&D), and housing over 5 years.

  • - £7.2bn to support construction of new homes
  • - £1.1 billion to reduce congestion and upgrade local roads and public transport
  • - £220 million to tackle road safety and congestion on Highways England roads
  • - £27 million to develop an expressway connecting Oxford and Cambridge
  • - £450 million on trialling railway digital signalling technology which will expand capacity and improve reliability.

Housing Infrastructure Fund

Funds for infrastructure to "support the construction of up to 100,000 new homes in the areas where they are needed most."

£1.4 billion will be used to provide 40,000 new affordable homes, including some for shared ownership and some for affordable rent. And another £1.7 billion will be used to speed up the construction of new homes on public sector land.

£390 million investment in future transport technology

Driverless cars, renewable fuels and energy efficient transport including electric and hydrogen buses and charging points for electric cars.

More money for Scotland, Wales and Northern Ireland under the Barnet formula

  • - £800 extra for Scotland
  • - £400m for Wales
  • - £250m for Northern Ireland

The much trumpeted ban on letting agents fees…

Letting agents will no longer be able to charge renters fees, but no idea when…

"The government will consult on this in due course." 

Summary

No major surprises in this statement, with most of the announcements being well trailed in advance.

The government has restated its commitment to house building and the infrastructure investments are welcome. 

The much anticipated white paper on housing will give a clearer idea of strategic plans to accelerate house building.


Full details of the Autumn statement can be found on the government web site, along with policy costings and data sources.
 

About Blayze Group

Blayze Group was founded in 2002 to address a gap in the market for a relationship orientated search and selection consultancy within the property, engineering and construction sectors.

Today Blayze Group is a leading property and construction recruitment partner working with organisations in Architecture, Accountancy, Business Support, Construction, Energy, Financial Services, General Practice, Technical Surveying and International sectors.

Blayze Group prides itself on taking the time to understand the culture and business of clients and combines this personal service with expert knowledge and experience within the Property and Construction markets to supply the highest calibre candidates.

For more information about Blayze Group search, selection and talent management services visit the company web site at http://www.blayzegroup.com. For a list of current opportunities in Property and Construction, visit the Blayze Group online jobs page.

 

 

 


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