Damian Walters, chief executive of the British Institute of Kitchen, Bedroom & Bathroom Installation, has reacted to new chancellor Jeremy Hunt’s economic statement, saying he remains 'suitably concerned'. Earlier today, Hunt announced plans to scrap most of the tax cuts revealed in last month's mini-budget, announced by previous chancellor Kwasi Kwarteng. He also said the Government would defer plans to cut the basic rate of income tax by 1p given the financial crisis, and revealed that the energy price guarantee will only be in place until April, warning of more difficult decisions to come.
Walters said: “Whilst I welcomed an urgent review of the previous chancellor’s mini-budget, I remain suitably concerned that the current political instability remains a distraction to our country’s ability to recover from the consequences of the pandemic and our exit from the EU. As a representative for thousands of SMEs operating in the home improvement sector throughout the UK, and in support of the suppliers, distributors, manufacturers, and retailers with hundreds of showrooms that we work with, the BiKBBI will now be looking to Government to provide clarity around this U-turn and how the reversal of some of the previous chancellor’s concessions will impact our members”.
He continued: “Whilst I am in full support of the chancellor’s objective to create ‘stability’, further support on energy costs for businesses is vital, and the Government must commit to a full consultation with industry before the April 2023 deadline announced today."
Walters concluded: “After years of uncertainty, both politically and otherwise, one thing we can be certain of is that the coming weeks and months will remain a significant challenge and what we need is stable, focused leadership and a clear understanding of the chancellor’s plans beyond these initial decisive moves."
