MIMA remains hopeful but hesitant post Budget
MIMA have responded to the Budget.
The Budget, understandably and rightly focused on measures to tackle the coronavirus pandemic. Whilst we did not see the long-awaited delivery of the Conservative’s manifesto commitments on making our homes and buildings energy efficient, we do expect these to unfold through the delayed National Infrastructure strategy later this year and in the forthcoming Spending Review in July.
Sarah Kostense-Winterton, Executive Director, MIMA comments, “As the UK shows strong climate leadership in the run up to COP26, this extra time gives the government the opportunity not just to firm up a detailed commitment to drive demand for the ‘able to pay’ owner occupier households, of which there are over 10 million, but also realise their own manifesto commitments prioritising low income households and public sector buildings.
A high’ Value for Money’ energy efficiency infrastructure programme - combined with the highest quality and safety standards - is within the Chancellors grasp. Given his generous economic commitments in this Budget, such a programme of investment and incentives will differ as it can be self-financing. There is also considerable potential for increased economic growth with higher tax intake and GDP to lower energy bills of £270 for the average household. We will also see a net increase in annual employment of up to 108,000 and substantially improved productivity in the construction sector.
What is clear is that this government is acutely aware of the significant benefits that energy efficiency will bring to our homes and buildings but also to realising the net zero emissions target."