Guaranteed Irish has welcomed measures in today’s Budget to increase housing supply and support enterprise. However, the organisation cautioned that further measures are needed to adequately stimulate Ireland’s construction sector.
Measures welcomed by the business membership organisation included a total allocation of €1.8 billion for housing in Budget 2018, the establishment of Home Building Finance Ireland and the retention of the Help-to-Buy Scheme for first-time buyers.
Commenting today, Brid O’Connell, CEO of Guaranteed Irish, said: “We have over 300 members nationwide, including leading construction industry suppliers, such as CRH, Tegral, Wavin, Kingspan, Saint-Gobain, Combilift, Celuplast, Dulux, Fleetwood, Kilsaran and Camfil.
“As Ireland’s construction industry continues to face challenges, Guaranteed Irish welcomes the supports announced for this sector in today’s budget. The establishment of Home Building Finance Ireland, along with the increased allocation of €1.8 billion for housing, are welcome moves for a sector that has faced affordability issues for almost a decade. The retention of the Help-to-Buy Scheme for first-time buyers is also a welcome measure, though there is a need for improvements in other areas to address both affordability and housing supply.
“Our members have called for a reduction in VAT on house prices to nine per cent as one of the most effective and immediate ways to reduce costs. We would like to see government paying more heed to this call.
“Reform of the Development Contribution Rebate Scheme is also needed for smaller companies to access the finance they need to engage in construction activity, though the establishment of a Brexit Loan Scheme for SMEs is a welcome improvement for all sectors.
“We look forward to continuing to work with Government and our wider membership to progress these issues and to ensure sustainable growth and future-proofing for our economy overall.”
To read the Guaranteed Irish position paper on stimulating the Irish construction industry published on October 9th, please click here.