Train4TradeSkills News: Will Ed Balls 5 point plan save the construction industry?
The Shadow Chancellor Ed Balls has unveiled the Labour Party’s five-point plan to revitalise the economy.
Mr Balls was speaking at the Labour Party’s conference and has proposed plans to boost the economy by cutting VAT and offering tax breaks – all to move things forward, start new projects and create new jobs.
Balls’ 5-point plan for the economy includes:
• Repeating the bank bonus tax – and using “the money to build 25,000 affordable homes and guarantee a job for 100,000 young people”
• Bringing forward long-term investment projects, such as schools, roads and transport, to create jobs
• Reversing January’s “damaging” VAT rise now for a temporary period
• Immediate one-year cut in VAT to 5% on home improvements, repairs and maintenance
• One-year national insurance tax break “for every small firm which takes on extra workers, using the money left over from the government’s failed national insurance rebate for new businesses”
Of course these are Labour’s suggestions and the government don’t have to make these changes, but Mr Balls have said they would back the proposals if the coalition agreed to them.
Out of Balls’ proposals, the one year VAT cut to 5% on home improvements would help the construction industry massively. Homeowners would get more repairs done on their homes and this would create new jobs for contractors. If they wanted to do the work themselves, the DIY industry would thrive.
Bringing forward stalled projects would also give the construction industry a much-needed boost. Deputy PM recently said that he wants to kick-start 40 new infrastructure projects and Balls’ plans seem to be echoing that. If this does happen, it would provide a welcome boost for the industry and create new jobs.
What do you think about this – will Balls’ plans work? Let us know what you think and comment below or on our Facebook page.
Posted on September 26, 2011, in construction jobs, construction news, electrician, electrician jobs, plumbing jobs, Plumbing News, t4ts, train4tradeskills and tagged construction, construction jobs, Ed Balls, Ed Balls 5 point plan, ed balls construction, Ed Balls VAT cut, Labour, Labour conference, t4ts, train4tradeskills, Value added tax, VAT home improvements. Bookmark the permalink. Leave a comment.