Ochil and South Perthshire MP Gordon Banks was a speaker at an event organised by the Cut the VAT coalition last week in the House of Commons.

The Cut the VAT coalition, along with MP Banks, believes that reducing VAT from 17.5% to 5% for all maintenance and home improvement works would help the Government achieve its target of cutting carbon emissions by 80% by 2050 and that it would further benefit the UK by creating tens of thousands of jobs. 

In 2009, the EU changed its VAT directives allowing member states to reduce to 5% VAT on the labour element of housing repair, maintenance and improvement.

MP Gordon Banks, who has worked in the building trade since leaving school at 18, agrees with the objectives of the group.  He said –  

“I’ve been campaigning on this issue for several years and felt that a cut in VAT would give a vital ‘shot in the arm’ to the UK construction industry and indeed the wider economy.”

“The campaign, backed up by detailed research from Experian, outline that a cut in Vat to 5% would provide a £1.4 billion stimulus to the economy, create 24,000 jobs and those figures would rise significantly over a ten year period.” 

“Over those ten jobs it would create 2,000 construction based jobs in Scotland alone and would free up funds for social housing providers to build more homes.”

“The construction industry in Scotland is in dire straits due to failed policies such as the SNP’s Scottish Futures Trust which is not only failing but costing the taxpayer £400,000 in consultants fees.  I will continue to campaign for a cut in vat to help one of the UK ’s most vital industries.”