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The budget’s impact on the HVAC market



Follow the budget here to find out how it effects your business and the building services industry.

KEY POINTS

TRADE CREDIT INSURANCE

A top-up trade credit insurance scheme is announced.

Chancellor Alistair Darling said: “This will match private sector trade credit insurance provision if insurers reduce their cover to any business operating in the UK.”
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What is you view on the budget? Post your views online at the bottom of this story or email:simon.duddy@emap.com

GREEN STIMULUS

Mr Darling announces “world's first carbon budget” and commits to cutting carbon emissions by 34 per cent by 2020.

£45 million for small-scale renewable electricity and heat technologies, primarily through the Low-Carbon Buildings Programme.

£25 million in funding for low-carbon community heating schemes.

£405 million to support the development of a world-leading low-carbon energy and advanced green manufacturing sector in the UK.

£440m extra support for energy saving measures for homes and public buildings.

£525m support for wind power.

Capital allowances for investment will be doubled for 2009/10.

HOUSING

Stamp duty holiday for properties worth less that £175,000 extended to the end of the calendar year.

Extension of £80m for social housing initiative Home Buy Direct.

£500m for stalled housing projects.

£100m for local authorities to build energy efficient homes.

£50m for armed forces housing.

BUSINESS

To help companies with cashflow problems, scheme extended to allow loss-making companies to reclaim tax.

A 50 per cent income tax rate for those earning £150,000 or more a year will come in from April next year.

Important for public sector workloads, the Chancellor pledged to protect investment in schools and hospitals.

Alistair Darling predicts 3.5 per cent contraction in 2009 but said the British economy would start growing again by the end of 2009 and forecasts 1.25 per cent growth in 2010 and 3.5 per cent in 2011.

Government borrowing £175 billion in 2009, approximately 12.4 per cent of GDP.

The Government predicts it will halve Budget deficit by 2013.

EMPLOYMENT

£250m funding to help people get work experience in ‘growth industries’.

All long-term unemployed under 25s to be offered job or training.



PRE BUDGET NEWS

Budget plea for help on credit insurance
Businesses were keenly waiting today to find out how the Government planned to tackle the crisis in trade credit insurance.
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PV plea to PM
The Prime Minister has been told to take action on supporting the solar power industry.
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Alistair Darling to unveil £1bn housing rescue package
Chancellor Alistair Darling is set to unveil an emergency £1 billion package in tomorrow’s budget to help revive Britain’s ailing housing market.
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Budget: An extra £500m to be spent on 'green initiatives'
A further £500 million of green initiatives are expected to be announced by Alistair Darling in this week’s Budget in an attempt to shore up investment.
CLICK HERE