The United Kingdom’s Federation of Master Builders (FMB) has sought additional measures from the government for helping small and medium enterprises (SMEs) in the country. It has welcomed the government’s recent decision to guarantee up to 50% of the risk on loans for small businesses, amounting to Great Britain pound (GBP) 20 billion. However, the FMB feels that the government must compel banks to honour existing loans and extend overdraft facilities to small businesses.
The FMB demanded that the government must take additional initiatives that secure the future of small and mid-sized construction businesses. It has asked the government to introduce measures that help in increasing consumer spending, thereby bringing in more work to the construction sector.
Richard Diment, Director General, FMB, has asked the government to consider the FMB's five point plan to revive the growth of the construction industry. The plan includes measures like reducing value-added tax (VAT) to 5% on home maintenance and repairs, modifying stamp duty to make it a graduated tax, opening up a new market worth over GBP three billion a year to builders and opening up the procurement process to small businesses.
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