The Bathroom Manufacturers Association (BMA) has welcomed growth measures outlined by Chancellor Rachel Reeves in her speech on January 29 at Siemens Healthineers in Oxfordshire. A raft of measures aimed at kick-starting economic growth represents a welcome change in tone from the Government, with commitments towards modernised infrastructure, scientific innovation, and private-sector-led expansion.
Tom Reynolds, Chief Executive of the BMA.
Of particular relevance to bathroom manufacturers is a pledge to unlock £7.9bn in investment over the next five years to modernise the UK's water supply. The BMA has often warned that a push for water efficiency in the home needs to be matched by infrastructure investment.
Additionally, it was announced that objections to major projects in Cambridge will be removed, boosting the currently subdued market for new build housing and commercial premises. As suppliers into these construction subsectors, this will be welcome news for bathroom manufacturers.
Tom Reynolds, Chief Executive of the BMA, said: 'Rachel Reeve's announcements on water infrastructure won't lead the headlines, but they represent a significant step forward. A modern and resilient water supply is crucial for sustainable development and our members' products to function. These investments will help ensure the UK's ability to meet growing demand.'
'Furthermore, a more streamlined approach to planning and infrastructure development is vital for our industry. Unlocking stalled housing projects not only stimulates economic growth but also ensures demand for essential home fixtures, including bathroom products. The government's commitment to cutting red tape and expediting projects is a step in the right direction.'
However, Reynolds also highlighted that previous policy decisions by the Chancellor could hinder growth in the bathroom industry. 'Medium-sized family firms are the unsung heroes of the British economy,' he said, 'the cliff-edge removal of Business Property Relief will lead to less investment by these companies, or worse, a fire sale to pay off IHT. BMA, along with other organisations, is urging the Treasury to take a softer approach to removal of the relief.'
'In summary, we welcome this vision for a revitalised UK economy and stand ready to support the government in ensuring these commitments translate into tangible progress. By modernising infrastructure, fostering innovation, and embracing private-sector partnerships, the UK is taking significant steps toward securing its economic future.'
More information:
Bathroom Manufacturers Association (BMA)
[email protected]
www.bathroom-association.org.uk