How will George Osborne’s 2011 Budget affect the construction Industry?

This lunchtime, Chancellor George Osborne revealed the government’s Budget for 2011 in the House of Commons. As well as dealing with important issues such as petrol prices, taxes and high unemployment, the Chancellor detailed some changes which will affect the construction sector.

Some of the Budget’s changes that will affect construction are:

  • Creating a £250 million shared equity fund, which will help 10,000 first-time buyers afford their own house. This only applies to new homes.
  • 40,000 new apprenticeships in the UK will be created to help young people find work.
  • Increased funding will be made available for 100,000 work experience placements, which has increased to five times the previous number.
  • 250,000 new apprenticeships will be created by 2015.
  • The Green Investment Bank (which we wrote about on the blog, read it here) is going ahead and will be given £2 billion extra funding (£3bn total) and will open a year earlier in 2012.
  • The UK will be the first country to introduce a Carbon Floor Price in the power sector, which is a tax on CO2 emissions. Price will be £16 per tonne in 2013 and aims to be £30 per tonne by 2020.

We will have more Budget 2011 news and analysis on the Train4TradeSkills Blog later.

In the meantime, let us know what you think about the Budget on the Train4TradeSkills Facebook and Twitter pages.

About Train4tradeSkills

Train4TradeSkills offer the only trade training skills courses that combine three great ways to learn, through a unique blend of book based theory, practical workshops and virtual reality PC based training, to help you qualify you as a plumber, electrician or gas engineer. No other learning provider offers our unique way to study, with full tutor support, easy to follow, step by step modules. Once you complete one part of the course and return your work for marking, the next stage of the course automatically follows. It’s as easy as that. It’s fun, it’s easy to follow... and it can be fitted around your existing work and family commitments!

Posted on March 23, 2011, in construction jobs, construction news, Electrical News, plumbing jobs, Plumbing News, train4tradeskills and tagged , , , , , , , , , , , , , , . Bookmark the permalink. 1 Comment.

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