Brian Binley MP for Northampton South has today questioned the Prime Minister in the House of Commons on what steps the Government is taking to reduce inflation and increase demand in the economy.
Citing a report by More Than in collaboration with the Warwick Business School, Brian said: “Small firms are experiencing the highest rate of inflation for three years and with fuel and material costs continuing to rise, is it not worrying that slow growing markets and high rising costs are inhibiting growth in this country?”
“Will the Government do more to make tackling inflation a priority, providing consumers with the impetus to stimulate private demand?”
The Prime Minister responded positively stating that the current Government had done away with the planned 6p rise in the cost of petrol by introducing the fuel stabiliser and scrapping the duty escalator and declared this Government as a “very small business friendly government” and said he will do all he can to speed up the rate of growth.
Following Prime Ministers Questions Brian said: “Many businesses in Northampton have approached me recently saying they are concerned about rising costs and falling demand.”
“I am concerned because unless we get some growth into the economy the Government will not achieve the aims of the budget strategy. I think the Prime Minister needs to understand that there is much more they can be doing to stimulate demand.”
“In recent weeks I have publically backed the Federation of Master Builders calls for a reduction on VAT in the home repairs sector and I have also called on the Government to consider reintroducing the MIRAS scheme for first time buyers.”
“I will continue to take this fight to the very top of the Government and strongly believe that much more can be done to help the business community.”
Wednesday, 29 June 2011
Thursday, 23 June 2011
Binley warns Human Rights Court
Brian Binley MP for Northampton South has called on the Council of Europe to review the powers, function and capacity of the European Court of Human Rights and has warned that not doing so would be to relinquish the Council’s responsibility.
Brian was leading the debate for the European Democrat Group (EDG) in a debate today on National Parliaments: Guarantors of Human Rights in Europe at the Third Plenary Session of the Council of Europe in Strasbourg.
Brian said: “I am pleased that this debate has highlighted the importance of National Parliaments as the key to effective implementation of international human rights norms at the national level.”
“I also welcome the report’s recommendations for regular monitoring and better training and was especially pleased with the statement that Parliaments make Laws and Courts implement them.”
“All of this is good, but fails to recognise the very primacy of the Parliamentary lawmaking process and ignores the 150,000 cases currently backed up before the Court, which bring the Court into disrepute and even derision.”
“From 1978 onward the Court of its own volition has stated that its job was not just to interpret and apply convention rights but to expand and update them.”
“Judges assumed the position of legislators and that’s when the trouble started. It was in defiance of International Law and yet the Assembly did nothing.”
“Impartiality and independence are the twin pillars of judicial function, but they fail if judges are interpreting and creating human rights law at the same time.”
Dominic Grieve, the Attorney General, also spoke at the debate and told the assembly that the functions of the Court needed to be reviewed.
Brian said after the debate: “I am delighted that the Attorney General supported my line. If the Court of Human Rights isn’t reformed and continues to meddle in national issues, people will lose patience.”
“It has already made a fool of its self on the issues of immigration and prisoners voting rights and if it continues in that vein it will lose the support and confidence of the British people. Indeed I fear it might have already have done so.”
Brian was leading the debate for the European Democrat Group (EDG) in a debate today on National Parliaments: Guarantors of Human Rights in Europe at the Third Plenary Session of the Council of Europe in Strasbourg.
Brian said: “I am pleased that this debate has highlighted the importance of National Parliaments as the key to effective implementation of international human rights norms at the national level.”
“I also welcome the report’s recommendations for regular monitoring and better training and was especially pleased with the statement that Parliaments make Laws and Courts implement them.”
“All of this is good, but fails to recognise the very primacy of the Parliamentary lawmaking process and ignores the 150,000 cases currently backed up before the Court, which bring the Court into disrepute and even derision.”
“From 1978 onward the Court of its own volition has stated that its job was not just to interpret and apply convention rights but to expand and update them.”
“Judges assumed the position of legislators and that’s when the trouble started. It was in defiance of International Law and yet the Assembly did nothing.”
“Impartiality and independence are the twin pillars of judicial function, but they fail if judges are interpreting and creating human rights law at the same time.”
Dominic Grieve, the Attorney General, also spoke at the debate and told the assembly that the functions of the Court needed to be reviewed.
Brian said after the debate: “I am delighted that the Attorney General supported my line. If the Court of Human Rights isn’t reformed and continues to meddle in national issues, people will lose patience.”
“It has already made a fool of its self on the issues of immigration and prisoners voting rights and if it continues in that vein it will lose the support and confidence of the British people. Indeed I fear it might have already have done so.”
Tuesday, 21 June 2011
Binley Questions Minister on Plan for Growth
Brian Binley MP for Northampton South has questioned Treasury Minister Mark Hoban during a statement made in the House of Commons on banking and regulatory reform about the Governments plans to get growth back into the economy.
Brian said: “I welcome the Minister’s statement, but may I remind him that the reorganisation of the regulators or, indeed, of the banking structure will do little to stimulate demand quickly?”
“Mortgages were down 9% in April on the same period last year and other sectors are seriously under pressure. Will the Government think more seriously about stimulating demand?”
The Minister responded by stating that it was an important point and one reason why it was important to reach agreement with the banks on Project Merlin was to send a clear signal to business that credit was available to viable businesses.
He continued to state that one concern is the amount of discouraged demand in the system and that by looking carefully at the relationship between banks and their customers, we can see whether banks are putting off businesses from making those applications.
Brian said: “I am pleased that the Minister recognised this as a serious issue and stated that he was concerned about the level of demand in our economy.”
“He is right that relationships between banks and their customers need to be looked at very seriously and there are a number of people in Northampton who have raised this concern with me on a number of occasions.”
“But I remain concerned that this statement simply is a rehashing of the Governments already stated policies put into place sometime ago which have simply not done the job.”
“The Government can and must do more to help, in particular those viable small and medium sized business which are crying out for capital to get the growth we need.”
Brian said: “I welcome the Minister’s statement, but may I remind him that the reorganisation of the regulators or, indeed, of the banking structure will do little to stimulate demand quickly?”
“Mortgages were down 9% in April on the same period last year and other sectors are seriously under pressure. Will the Government think more seriously about stimulating demand?”
The Minister responded by stating that it was an important point and one reason why it was important to reach agreement with the banks on Project Merlin was to send a clear signal to business that credit was available to viable businesses.
He continued to state that one concern is the amount of discouraged demand in the system and that by looking carefully at the relationship between banks and their customers, we can see whether banks are putting off businesses from making those applications.
Brian said: “I am pleased that the Minister recognised this as a serious issue and stated that he was concerned about the level of demand in our economy.”
“He is right that relationships between banks and their customers need to be looked at very seriously and there are a number of people in Northampton who have raised this concern with me on a number of occasions.”
“But I remain concerned that this statement simply is a rehashing of the Governments already stated policies put into place sometime ago which have simply not done the job.”
“The Government can and must do more to help, in particular those viable small and medium sized business which are crying out for capital to get the growth we need.”
Binley Backs Air Ambulance Trust
Brian Binley MP for Northampton South has tabled an Early Day Motion recognising and supporting the work carried out by the Warwickshire and Northamptonshire Air Ambulance trust.
The Motion recognises the quality standard of care that is provided by the air ambulance service and also notes how increasingly relied upon the service is becoming.
Brian said: “I am delighted to be able to table this Motion before the House of Commons. They provided an invaluable service and I know a number of people who owe them an enormous debt of gratitude.”
“It is equally impressive that the Air Ambulance Trust operates entirely on a voluntary basis and together with Derbyshire, Leicestershire and Rutland Air Ambulance Trust is the busiest in the Country.”
“It is an excellent example of what Britain is all about and I am hopeful that they will be able to continue providing such a high quality level of care for many years to come.”
Andy Williamson, CEO of Warwickshire & Northamptonshire Air Ambulance said: “I am very grateful to Brian for tabling this motion and bringing attention to the work of our Air Ambulance.”
“We are an excellent example of The Big Society in action and a perfect illustration of how it works in real life. Our independent financial model is extremely helpful to the delivery of healthcare alongside our colleagues in the NHS.”
“It is very important for us to be recognised as setting high clinical standards and embracing the need for strict audit and compliance with Government guidelines, this helps us reassure those who are wary about organisations outside of the Public Sector delivering services.”
“Our standards are very high and I would like to think that other areas of the country will benefit to the same quality of service and financial stability.”
The EDM was supported by Lorley Burt, Mark Pawsey, Keith Vaz, Peter Bottomley and Mike Hancock.
The Motion recognises the quality standard of care that is provided by the air ambulance service and also notes how increasingly relied upon the service is becoming.
Brian said: “I am delighted to be able to table this Motion before the House of Commons. They provided an invaluable service and I know a number of people who owe them an enormous debt of gratitude.”
“It is equally impressive that the Air Ambulance Trust operates entirely on a voluntary basis and together with Derbyshire, Leicestershire and Rutland Air Ambulance Trust is the busiest in the Country.”
“It is an excellent example of what Britain is all about and I am hopeful that they will be able to continue providing such a high quality level of care for many years to come.”
Andy Williamson, CEO of Warwickshire & Northamptonshire Air Ambulance said: “I am very grateful to Brian for tabling this motion and bringing attention to the work of our Air Ambulance.”
“We are an excellent example of The Big Society in action and a perfect illustration of how it works in real life. Our independent financial model is extremely helpful to the delivery of healthcare alongside our colleagues in the NHS.”
“It is very important for us to be recognised as setting high clinical standards and embracing the need for strict audit and compliance with Government guidelines, this helps us reassure those who are wary about organisations outside of the Public Sector delivering services.”
“Our standards are very high and I would like to think that other areas of the country will benefit to the same quality of service and financial stability.”
The EDM was supported by Lorley Burt, Mark Pawsey, Keith Vaz, Peter Bottomley and Mike Hancock.
Monday, 20 June 2011
MP tables motion backing bingo
Brian Binley MP for Northampton South and Chairman of the All Party Parliamentary Group for Bingo has tabled an Early Day Motion calling on the Government to recognise the important social and community role that bingo plays up and down the country.
The Motion adds further weight to the MP’s continuous calls to reduce the amount of taxation paid by bingo goers up and down the country and reduce it in line with other forms of gambling taxation.
Brian said: “I have long campaigned on this issue and this Early Day Motion is just one way of highlighting the importance of bingo to many communities up and down the country.”
“I have seen firsthand in Northampton the impact that this tax is having on our local bingo hall and numbers are falling as a result and many people I have spoken to in the industry say the picture is the same nationwide.”
“The current bingo tax policy not only fails to support Britain’s Bingo clubs, but actively discriminates against them and as a supporter of those who play the game I have consistently called for a fairer taxation system to help support them.”
“The community and social aspect of bingo is quite unique. The level of interaction it provides for many elderly people is invaluable. You can even get a decent meal at the local bingo hall for as little as £3.50 and I know that bingo goers in Northampton value that massively.”
“I have also written to Treasury Minister Justine Greening MP calling on her to review the current situation and have asked if she will meet with a delegation of MP’s to discuss the matter further.”
The Early Day Motion is supported by a number of MP’s including Graham Stuart, John Hemming, Don Foster, Graham Brady, Clive Betts, Phillip Davies and Rob Halfon.
The Motion adds further weight to the MP’s continuous calls to reduce the amount of taxation paid by bingo goers up and down the country and reduce it in line with other forms of gambling taxation.
Brian said: “I have long campaigned on this issue and this Early Day Motion is just one way of highlighting the importance of bingo to many communities up and down the country.”
“I have seen firsthand in Northampton the impact that this tax is having on our local bingo hall and numbers are falling as a result and many people I have spoken to in the industry say the picture is the same nationwide.”
“The current bingo tax policy not only fails to support Britain’s Bingo clubs, but actively discriminates against them and as a supporter of those who play the game I have consistently called for a fairer taxation system to help support them.”
“The community and social aspect of bingo is quite unique. The level of interaction it provides for many elderly people is invaluable. You can even get a decent meal at the local bingo hall for as little as £3.50 and I know that bingo goers in Northampton value that massively.”
“I have also written to Treasury Minister Justine Greening MP calling on her to review the current situation and have asked if she will meet with a delegation of MP’s to discuss the matter further.”
The Early Day Motion is supported by a number of MP’s including Graham Stuart, John Hemming, Don Foster, Graham Brady, Clive Betts, Phillip Davies and Rob Halfon.
Greeks sold a Euro nightmare
This week’s news that the credit rating agencies have decided to label Greek debt with the value of treble-C, making Greece the lowest-rated country in the world, should raise the question of what has gone wrong: and who is going to put it right?
During a visit to the Greek Parliament two weeks ago it was very apparent how angry ordinary people there are at the way in which their economy – and their lives – is being sacrificed in pursuit of a dream created many hundreds of miles away: the people of Greece are being made to pay the price of a political ambition that threatens to destroy the very heart of our continent. The situation has worsened since my visit and we are now witnessing riots. The truth is that Greece is bust and the country might become ungovernable.
No Conservative politician can forget the trauma of Black Wednesday, when the United Kingdom found itself unable to sustain its exchange rate within the tight constraints of the then European Exchange Rate Mechanism, a forerunner to the single currency. As the Government tried desperately to overcome the pressures (exacerbated by the efforts of a few traders unconvinced of our ability to prevent the inevitable), interest rates shot up in a violent and desperate bid to maintain our position within the ERM. Within the course of just a few hours, we were forced to exit from the mechanism, and allow our economy to re-calibrate separate from the pressures under which it had been stressed.
Our swift exit from the ERM probably served to keep us outside of the European Single Currency: yet the pressures and stresses placed on other European Union member states, such as Greece, Ireland and Portugal (as well as some other countries whose ignominy has not yet erupted in quite the same way) are caused by the identical pressures that obstructed our experience: a monetary policy that is not configured to suit the needs of a particular functional economic area giving rise to pressures elsewhere that inflict great harm and injury to those in its wake.
Which is why the debate on the question of eurozone bail-outs rather misses the point: it is the case that the Greek government has been woefully inadequate in collecting the taxes that it seeks to levy, and that this has been done alongside a relaxed attitude to fiscal management and a dangerous lack of concern for the consequences of individual social policies, which undermine economic growth: but these are not new factors, and they should have been addressed in advance of the country being able to join the single currency.
But to have mended these problems – not just with Greece – would have delayed the project and therewith the glory of achieving the dream. That is why it is the ordinary Greek citizen who is being made to pay the price: and, for them, the dream is increasingly feeling like a nightmare – and one with no comfortable wake-up to which they can look forward.
But the single currency zealots remain committed to their cause: it seems that the perilous state of their project and the strains and stresses it is causing across the continent elude them. The answer to this crisis does not lie in ‘soft re-structuring’ or ‘voluntary re-profiling’, but a recognition of the brutal reality: this political project has been advanced at too great a pace and with too little thought for the consequences. One wonders if the price being paid across the entire European Union is worth paying. Certainly that question is on the lips of many Greeks but they sadly feel there is nowhere else to go, and they feel lost. Perhaps those who created the Euro for political reasons need to go back to the drawing board.
During a visit to the Greek Parliament two weeks ago it was very apparent how angry ordinary people there are at the way in which their economy – and their lives – is being sacrificed in pursuit of a dream created many hundreds of miles away: the people of Greece are being made to pay the price of a political ambition that threatens to destroy the very heart of our continent. The situation has worsened since my visit and we are now witnessing riots. The truth is that Greece is bust and the country might become ungovernable.
No Conservative politician can forget the trauma of Black Wednesday, when the United Kingdom found itself unable to sustain its exchange rate within the tight constraints of the then European Exchange Rate Mechanism, a forerunner to the single currency. As the Government tried desperately to overcome the pressures (exacerbated by the efforts of a few traders unconvinced of our ability to prevent the inevitable), interest rates shot up in a violent and desperate bid to maintain our position within the ERM. Within the course of just a few hours, we were forced to exit from the mechanism, and allow our economy to re-calibrate separate from the pressures under which it had been stressed.
Our swift exit from the ERM probably served to keep us outside of the European Single Currency: yet the pressures and stresses placed on other European Union member states, such as Greece, Ireland and Portugal (as well as some other countries whose ignominy has not yet erupted in quite the same way) are caused by the identical pressures that obstructed our experience: a monetary policy that is not configured to suit the needs of a particular functional economic area giving rise to pressures elsewhere that inflict great harm and injury to those in its wake.
Which is why the debate on the question of eurozone bail-outs rather misses the point: it is the case that the Greek government has been woefully inadequate in collecting the taxes that it seeks to levy, and that this has been done alongside a relaxed attitude to fiscal management and a dangerous lack of concern for the consequences of individual social policies, which undermine economic growth: but these are not new factors, and they should have been addressed in advance of the country being able to join the single currency.
But to have mended these problems – not just with Greece – would have delayed the project and therewith the glory of achieving the dream. That is why it is the ordinary Greek citizen who is being made to pay the price: and, for them, the dream is increasingly feeling like a nightmare – and one with no comfortable wake-up to which they can look forward.
But the single currency zealots remain committed to their cause: it seems that the perilous state of their project and the strains and stresses it is causing across the continent elude them. The answer to this crisis does not lie in ‘soft re-structuring’ or ‘voluntary re-profiling’, but a recognition of the brutal reality: this political project has been advanced at too great a pace and with too little thought for the consequences. One wonders if the price being paid across the entire European Union is worth paying. Certainly that question is on the lips of many Greeks but they sadly feel there is nowhere else to go, and they feel lost. Perhaps those who created the Euro for political reasons need to go back to the drawing board.
HELP FOR THE HOME FRONT
Much attention has focused on the broad support offered by the International Monetary Fund to the Government’s strategy to restore fiscal control – through adopting a rigorous and robust approach to public spending cuts. The Chancellor has, rightly, stressed the importance of credibility in engendering the confidence of global capital markets.
But alongside bringing the public finances under control, we need to keep another form of confidence in mind: that of consumers and businesses whose everyday transactions facilitate economic growth and the distribution of prosperity. Consumers are currently feeling the effect of tax rises, are confronted by uncertainty over commodity prices and the cost of credit, and have entrenched away from spending.
Nowhere is this more apparent than in the housing market, which has, effectively, been starved of first-time buyers through the combination of poor access to mortgage credit and anxiety about the risks of making a purchase. This is a problem that cuts to the very core of our national psyche: we are a nation of home-owners: home-ownership remains a major source of pride to Britons, and a fundamental aspiration for many who are faced with significant obstacles in the current economic climate. Yet a generation of would – be home owners now face the prospect of becoming home renters for years to come.
The Federation of Master Builders has long campaigned for a reduction in the rate of VAT on home repair, maintenance and improvement work, estimating that a five per cent cut could lead to a loss of revenue to the Government of between £102 million and £508 million, but deliver a total stimulus to the economy of around £1.4 billion in the first year alone. Their estimates also suggest that around 34,500 new jobs in the sector (and 81,500 jobs in the wider economy) would be created by such a measure by 2019. Hardly Plan B but it could be a nudge in the right direction.
The most significant hurdles to a more robust housing market, however, are the availability and affordability of credit and the fear that house prices may fall even further.
Mortgage lending fell to the lowest level in April since records began in 1993; the number of mortgages approved for new house purchases was four per cent lower than in the previous month, and nine per cent lower than in April last year. Much of this reverberates throughout the wider housing market and the majority of home owners assess their wellbeing primarily on the value of their homes. Thus the state of the housing market tends to mirror levels of confidence in the wider economy: and the current situation should give us all grounds to stop and think: how best can we stimulate demand?
Mortgage Interest Relief at Source (MIRAS) was introduced in 1969, as a measure to boost home ownership’s appeal: and, until finally abolished by Gordon Brown in 2000, provided borrowers with a reduced amount of interest – around ten and a half million loans at the time of withdrawal. Around twelve hundred different mortgage lenders provided loans under MIRAS, albeit that those who were members of the Council of Mortgage Lenders accounted for nearly all of the loans under the scheme. The cost of operating the scheme was estimated by the Council of Mortgage Lenders to be between fifty and eighty million pounds each year.
Under MIRAS, claiming mortgage interest relief was easy, and involved little more than a declaration certifying qualification. At the time of withdrawal, it was anticipated that products providing payment holidays, flexible payment options, foreign currency options would become available in the market: but the current dilemma is more profound than the variety of financial services instruments available to home-buyers. We were promised that the withdrawal of mortgage interest relief would contribute to the long-term stability of the economy, and improve the functionality of the housing market. So much for fine words.
I believe that the re-introduction of MIRAS – even if only limited to first-time buyers and for a limited time period – would deliver the stimulus that our housing market needs.
Not fashionable I know but pragmatic and perhaps it’s time for a little pragmatism. If we can get the housing market moving, then it is more likely that banks will feel compelled to be more pro-active in supporting mortgages, and there is no doubt that the construction industry, and perhaps the wider economy, would feel the benefits too.
A survey, published by the Halifax, found that 92 per cent of twenty to forty-five year olds thought it was hard for first-time buyers to get a mortgage: with sixty per cent of them indicating that it was virtually impossible. It’s all very well coercing the banks to lend but even the most alluring of marketing ploys will fail if demand isn’t present.
First-time buyers need help, and, with a little support, they might just create the kick start our economy is crying out for.
But alongside bringing the public finances under control, we need to keep another form of confidence in mind: that of consumers and businesses whose everyday transactions facilitate economic growth and the distribution of prosperity. Consumers are currently feeling the effect of tax rises, are confronted by uncertainty over commodity prices and the cost of credit, and have entrenched away from spending.
Nowhere is this more apparent than in the housing market, which has, effectively, been starved of first-time buyers through the combination of poor access to mortgage credit and anxiety about the risks of making a purchase. This is a problem that cuts to the very core of our national psyche: we are a nation of home-owners: home-ownership remains a major source of pride to Britons, and a fundamental aspiration for many who are faced with significant obstacles in the current economic climate. Yet a generation of would – be home owners now face the prospect of becoming home renters for years to come.
The Federation of Master Builders has long campaigned for a reduction in the rate of VAT on home repair, maintenance and improvement work, estimating that a five per cent cut could lead to a loss of revenue to the Government of between £102 million and £508 million, but deliver a total stimulus to the economy of around £1.4 billion in the first year alone. Their estimates also suggest that around 34,500 new jobs in the sector (and 81,500 jobs in the wider economy) would be created by such a measure by 2019. Hardly Plan B but it could be a nudge in the right direction.
The most significant hurdles to a more robust housing market, however, are the availability and affordability of credit and the fear that house prices may fall even further.
Mortgage lending fell to the lowest level in April since records began in 1993; the number of mortgages approved for new house purchases was four per cent lower than in the previous month, and nine per cent lower than in April last year. Much of this reverberates throughout the wider housing market and the majority of home owners assess their wellbeing primarily on the value of their homes. Thus the state of the housing market tends to mirror levels of confidence in the wider economy: and the current situation should give us all grounds to stop and think: how best can we stimulate demand?
Mortgage Interest Relief at Source (MIRAS) was introduced in 1969, as a measure to boost home ownership’s appeal: and, until finally abolished by Gordon Brown in 2000, provided borrowers with a reduced amount of interest – around ten and a half million loans at the time of withdrawal. Around twelve hundred different mortgage lenders provided loans under MIRAS, albeit that those who were members of the Council of Mortgage Lenders accounted for nearly all of the loans under the scheme. The cost of operating the scheme was estimated by the Council of Mortgage Lenders to be between fifty and eighty million pounds each year.
Under MIRAS, claiming mortgage interest relief was easy, and involved little more than a declaration certifying qualification. At the time of withdrawal, it was anticipated that products providing payment holidays, flexible payment options, foreign currency options would become available in the market: but the current dilemma is more profound than the variety of financial services instruments available to home-buyers. We were promised that the withdrawal of mortgage interest relief would contribute to the long-term stability of the economy, and improve the functionality of the housing market. So much for fine words.
I believe that the re-introduction of MIRAS – even if only limited to first-time buyers and for a limited time period – would deliver the stimulus that our housing market needs.
Not fashionable I know but pragmatic and perhaps it’s time for a little pragmatism. If we can get the housing market moving, then it is more likely that banks will feel compelled to be more pro-active in supporting mortgages, and there is no doubt that the construction industry, and perhaps the wider economy, would feel the benefits too.
A survey, published by the Halifax, found that 92 per cent of twenty to forty-five year olds thought it was hard for first-time buyers to get a mortgage: with sixty per cent of them indicating that it was virtually impossible. It’s all very well coercing the banks to lend but even the most alluring of marketing ploys will fail if demand isn’t present.
First-time buyers need help, and, with a little support, they might just create the kick start our economy is crying out for.
Monday, 6 June 2011
MP calls on Government to unlock growth potential
Brian Binley MP for Northampton South has called on the Government to do more to aid the plight of first time buyers and stimulate growth in the economy following reports last week that young people are finding it harder than ever to get on the property ladder.
Bank of England figures this week showed that the number of mortgages approved for new house purchases hit a new low in April, 4% lower than in March and 9% lower than in April last year.
The Halifax also published the results of a survey of 8,000 20 to 45 year olds, concluding that 92% of people thought it was hard for first time buyers to get a mortgage with 60% of them saying it was very hard or virtually impossible.
Brian said: “Research by the Federation of Master Builders has highlighted the fact that the financial crisis has severely restricted the availability of finance for developments and mortgages.”
“The Government must recognise that it needs to do more to stimulate demand in the economy and one way we could look at doing that is to cut the VAT on home repair, maintenance and improvement work.”
“The Federation of Master Builders has led a long running campaign to cut VAT in this area and it is estimated that a 5% cut could lead to a net revenue loss to the Government of between £102 million and £508 million but a total stimulus effect in the economy in the region of £1.4 billion in the first year alone.”
“They also estimate that it could create up to 34,500 new construction sector jobs by the end of 2019 and a total of 81,500 jobs in the economy by the end of 2019.”
“They also suggested that the Government extends the first buy scheme to small and medium sized building contractors who represent around 50% of the building sector.”
“As confidence takes off in the construction industry it will do in other areas of the economy as well. Around 70% of people in the UK own their own homes and view the economic situation purely based on their own personal circumstances.”
“By cutting VAT in the home improvement sector and extending the first buy scheme the Government can unlock the sort of confidence in the economy to really generate the demand we need to get the economy moving.”
Bank of England figures this week showed that the number of mortgages approved for new house purchases hit a new low in April, 4% lower than in March and 9% lower than in April last year.
The Halifax also published the results of a survey of 8,000 20 to 45 year olds, concluding that 92% of people thought it was hard for first time buyers to get a mortgage with 60% of them saying it was very hard or virtually impossible.
Brian said: “Research by the Federation of Master Builders has highlighted the fact that the financial crisis has severely restricted the availability of finance for developments and mortgages.”
“The Government must recognise that it needs to do more to stimulate demand in the economy and one way we could look at doing that is to cut the VAT on home repair, maintenance and improvement work.”
“The Federation of Master Builders has led a long running campaign to cut VAT in this area and it is estimated that a 5% cut could lead to a net revenue loss to the Government of between £102 million and £508 million but a total stimulus effect in the economy in the region of £1.4 billion in the first year alone.”
“They also estimate that it could create up to 34,500 new construction sector jobs by the end of 2019 and a total of 81,500 jobs in the economy by the end of 2019.”
“They also suggested that the Government extends the first buy scheme to small and medium sized building contractors who represent around 50% of the building sector.”
“As confidence takes off in the construction industry it will do in other areas of the economy as well. Around 70% of people in the UK own their own homes and view the economic situation purely based on their own personal circumstances.”
“By cutting VAT in the home improvement sector and extending the first buy scheme the Government can unlock the sort of confidence in the economy to really generate the demand we need to get the economy moving.”
Wednesday, 1 June 2011
MP backs Britain’s High Streets
Brian Binley MP for Northampton South has written to Mary Portas with his recommendations for the future of the British high street following her appointment by the Prime Minister last week to lead an independent review into the future of Britain’s high streets.
In 2008, as Chairman of the Conservative Party’s Parliamentary Enterprise Group, Brian organised a commission into small shops in the high street which produced a report entitled: “A strategy for successful community hubs.”
Brian said: “I have seen firsthand the rate of decline in Britain’s high streets and Northampton has especially suffered as a result of high car parking charges, an overabundance of yellow lines and high business rates.”
“Our town and city centres lie at the very heart of our communities and are as vital to their health as the heart is to the body. The trend in decline endemic in so many of town centres up and down the country is not irreversible and I know that the commission’s recommendations will go some way to halting that decline.”
“Amongst the recommendations made is to ensure that people within local communities act together to revitalise Britain’s high streets which will create a renewed sense of well being impacting on the health of a nation as a whole.”
“I am delighted that the Prime Minister has recognised the value of Britain’s high streets and I was pleased to be able to make recommendations to Mary Portas.”
In 2008, as Chairman of the Conservative Party’s Parliamentary Enterprise Group, Brian organised a commission into small shops in the high street which produced a report entitled: “A strategy for successful community hubs.”
Brian said: “I have seen firsthand the rate of decline in Britain’s high streets and Northampton has especially suffered as a result of high car parking charges, an overabundance of yellow lines and high business rates.”
“Our town and city centres lie at the very heart of our communities and are as vital to their health as the heart is to the body. The trend in decline endemic in so many of town centres up and down the country is not irreversible and I know that the commission’s recommendations will go some way to halting that decline.”
“Amongst the recommendations made is to ensure that people within local communities act together to revitalise Britain’s high streets which will create a renewed sense of well being impacting on the health of a nation as a whole.”
“I am delighted that the Prime Minister has recognised the value of Britain’s high streets and I was pleased to be able to make recommendations to Mary Portas.”
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