BusinessCompany NewsBudget reaction: Mortgage lenders happy

Budget reaction: Mortgage lenders happy

The Council of Mortgage lenders are happy with stamp duty measures, but the Forum of Private Business says the Budget lacks anything new and is short on substance.

Link: Budget special

Mortgage lenders have welcomed the chancellor’s proposals to freeze stamp duty, tackle the issue of double stamp duty on Islamic mortgages and the promise of a report on the market for longer-term fixed-rate funding in the UK.

The Council for Mortgage Lenders also welcomed the review of housing supply, as increased supply underpins the success of the recently-announced Communities Plan.

The Budget was all talk and no action, according to the Forum of Private Business. ‘The Budget sounded good but we heard little that was new,’ said Nick Goulding, FPB chief executive. ‘It was very long on rhetoric but short on substance.

There are very thin returns for small and medium sized enterprises.’ He added: ‘There was very little in the Budget to help our members grow their businesses’, though the extension of the flat rate scheme on VAT for some businesses was cautiously welcomed. As was the 100% relief on IT investment.

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