{"id":9747,"date":"2022-03-23T20:30:19","date_gmt":"2022-03-23T20:30:19","guid":{"rendered":"https:\/\/dev.withcreative.co.uk\/lforl\/?p=9747"},"modified":"2022-03-23T20:36:39","modified_gmt":"2022-03-23T20:36:39","slug":"on-the-chancellors-spring-statement","status":"publish","type":"post","link":"https:\/\/dev.withcreative.co.uk\/lforl\/on-the-chancellors-spring-statement\/","title":{"rendered":"On the Chancellor\u2019s spring statement"},"content":{"rendered":"

\"Spring<\/a><\/p>\n

Rishi Sunak stepped up to deliver today\u2019s mini-budget surrounded by headlines about prices rising faster than they have done in the last thirty years. There is pressure on food costs, fuel and energy, all of which will be exacerbated by events in eastern Europe. The reality facing our sector is that many tenants could face the dilemma of heating, eating or paying rent. And as interests rate also start to rise, every business funded by borrowing \u2013 from buy-to-let landlords to those with major portfolios \u2013 faces increasing costs. As a side note, homebuilders\u2019 share prices reflect an expectation of a slowdown in house price inflation.<\/p>\n

In this Spring Statement, commentators weren\u2019t expecting miracles. There\u2019s a recognition that getting the balance right \u2013 supporting the vulnerable and maintaining fiscal prudence \u2013 is a big ask. What\u2019s more, sanctions on Russia will have as yet unknown costs. Nevertheless, the Chancellor did take a step that should get widespread support: for 5 years, energy-efficiency measures will be zero-rated for VAT. Solar panels, heat pumps and the like will be more affordable. With all of us conscious of rising domestic fuel bills and tenants looking more closely at the EPC of a potential home, this could be a significant measure.<\/p>\n

Fuel duty rates are cut from this evening by 5p\/litre. Again welcome, but not enough to wipe out the pump price increases we have seen. We\u2019re all more conscious of the cost of motoring. Maybe we\u2019ll see more people avoiding the commute, working from home, or looking for a rental property closer to the office?<\/p>\n

Beyond a doubling of the local authority Household Support Fund, there was no announcement of a change in benefits. But low-and-middle-income earners will appreciate a \u00a33,000 rise in income level at which they start to pay National Insurance. We must wait for the end of this parliament before income tax rates will be lowered.
\nMore was promised in the Autumn Statement on creating a culture supporting business investment and innovation. Some measures, such as investment and employment allowances could benefit many small businesses right now. Be sure to check them out.<\/p>\n

I can\u2019t predict the overall impact of the Spring Statement measures, but in these challenging times, I believe it\u2019s important that we understand the pressures felt across the sector and the opportunities that exist to ease them.<\/p>\n

Sim Sekhon<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Rishi Sunak stepped up to deliver today\u2019s mini-budget surrounded by headlines about prices rising faster than they have done in the last thirty years. There is pressure on food costs, fuel and energy, all of which will be exacerbated by events in eastern Europe. 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