Initial reactions to ‘disappointing’ November budget
Initial reactions to ‘disappointing’ November budget: Since chancellor Rachel Reeves has addressed parliament for the November budget today, the British Association of Landscape Industries and the Horticultural Trades Association have already revealed their reactions.
Starting its review, BALI clarifies its “overall disappointment with a lack of support being expressed in the landscaping sector”. Wayne Grills, its chief executive comments:
Initial reactions to ‘disappointing’ November budget
“Landscaping is well-placed to deliver on many of the government’s growth priorities, however any lack of material support for the industry means that opportunities to further expand a sector that contributes £38 billion to UK GDP annually will be missed.
“We feel there should have been more done on the environmental benefits that landscaping brings to the ecological health of the UK, as well as the enjoyment of spaces and community impact of landscaping developments.”
On top of this, BALI expresses its concerns with tax changes, such as mansion tax and minimum wage.
“The rise in the minimum wage could lead to stretched budgets, increased prices, and a slowdown in hiring, with landscaping being a heavily labour-reliant industry and wages making up a large share of costs.
“Not only does this affect the lowest earners, but it has a knock-on impact on businesses whereby middle and higher earning roles may see a proportionate market increase.”
Fran Barnes, chief executive at the HTA also reacts to the same subject:
“With no bold action to reverse or review inheritance tax changes, combined with rising costs and the Employment Rights Bill, the future looks very challenging for many family-owned businesses.
“While allowing the transfer of allowances between spouses is a welcome step, it is a minor adjustment on an Inheritance Tax policy with such a massive impact on our members, yielding minimal fiscal gain for the government.
“Additionally, the expected hikes in minimum and living wages continue to put further pressure on wage costs and increase reticence to recruit.”
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