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BOB’s guide to the Spring Statement

Philip Hammond (the guy with the big red briefcase) delivered his Spring Statement last week. But what does it mean for you, on and off site?

  • Housing: The housing crisis was a key topic, as with previous statements. The Housing Minister is working with 44 authorities that have all bid for the £4.1bn housing infrastructure fund, meaning there could be more housebuilding projects coming your way.
  • Green white vans: The Government is considering cheaper road tax rates for van drivers who buy the ‘cleanest’ new models – helping the white van go green.
  • Skills & apprenticeships: Want to hire an apprentice on site? The Government is making it easier for you. Mr Hammond announced that the Education Secretary will release up to £80m of funding for firms to support their apprentices, and promised further funding for T-levels for young people.
  • Small businesses: Late payments are a huge issue for small construction businesses. In fact, FMB research found that less than one third of firms are paid within the standard 30 days. Mr Hammond announced that the next business rates re-evaluation will be brought forward to 2021 and a review into how to eliminate late payments will take place.
  • Digital connectivity: Sick of buffering blues? Phil to the rescue! He announced the first wave of funding allocated to helping roll out high-speed broadband to local areas across the UK.

See more from the Spring Statement here.