The government's decision not to cut capital spending any further than was proposed by the previous leaders has been welcomed by one organisation, saying it is good news for brick tool users.
Responding to the Emergency Budget presented yesterday (June 22nd) by the chancellor of the exchequer George Osborne, the Royal Institution of Chartered Surveyors (Rics) has commented that limiting the reduction of this expense would have harmed the economic recovery.
"The construction industry is a powerful engine of growth," Mark Goodwin, Rics director of external affairs, stated. ""We expect that the reduction in corporation tax rates over the next four years will stimulate the commercial occupier market and the wider economy."
However, he admitted that it was inevitable the Budget would have an impact on the property market.
Jobs in the sector could be lost as the rise in capital gains tax puts the supply of development land at risk, he warned, although this threat to the industry has been lessened by the fact the duty has been increased to 28 per cent - lower than expected.
Written by Charlie Parkin
