CIF welcomes 'tough' Budget

The CIF has welcomed a number of initiatives in today’s Budget aimed at maintaining employment in construction, while also acknowledging that it is a tough Budget with taxation measures that will impact spending.

The CIF has welcomed a number of initiatives in today’s Budget aimed at maintaining employment in construction, while also acknowledging that it is a tough Budget with taxation measures that will impact spending.

Tom Parlon, CIF Director General, said: "This is a very tough Budget and it includes a range of spending and taxation measures that will impact on consumption within the economy.

"There are a number of welcome measures in terms of the maintenance of employment within the construction industry, although further clarification is needed on some of these measures.

"We welcome the fact that capital expenditure will be of the order of 5% of GNP and that increased spending in areas such as schools, water and waste water services infrastructure has been announced.

"However the total is €400m less than last year and we need to see where the cuts are.

Mr Parlon said the reduction in the rate of commercial property stamp duty is welcome, since it will help attract investment into our commercial property stock and address the competitive disadvantage arising from the 9% rate.

Mr Parlon said: "The CIF does welcome the Minister’s initiative in launching a revised housing loans scheme to be administered by a small number of local authorities on a regional basis countrywide. The scheme will provide for a revised maximum loan for first-time buyers subject to loan-to-value of 92%.

"The introduction of a proposed equity loans scheme is also welcome subject to sight of the details.

"These measures should help address the lack of liquidity, whereby first-time buyers could not access adequately finance to complete the purchase of their homes. However, we must await the final details on these schemes before accurately accessing their impacts.

"The increase in mortgage interest relief for first time buyers is welcome and will help further improve the affordability of housing for first time buyers."

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