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Building a Better Future for the Construction Industry

CECA: Regional corporation tax policy will rebalance the Northern economy   28th November 2017

Civils contractors have called on the Government to extend an early reduction in corporation tax to businesses in the North of England to rebalance the economy and drive growth in the region.

The Civil Engineering Contractors Association (CECA), in consultation with its members, has published Rebalancing the economy: The North, which sets out a range of policy proposals that CECA believes will unshackle the economy of the North of England, driving economic growth, boosting connectivity, and creating jobs.

The report’s headline recommendations for Government include: 

• UK Government to enable businesses relocating or expanding to the North of England to benefit from a preferential 17% rate of Corporation Tax two years ahead of the Government’s planned reduction to 17% by April 2020;
• Devolve borrowing and revenue powers to key regions; 
• Commit to the early roll-out of 5G in the North from 2020;
• Transport for the North to have similar powers in the long-term as Transport for London to enable it to raise its own private finance in line with Government’s aspiration to secure private investment in transport alongside central government funding.

The report was published at CECA’s annual conference, held today at the National College for High Speed Rail in Doncaster, itself symbolic of the benefits investment in infrastructure can deliver to regional economies. It includes a range of proposals to tackle both cross-northern challenges, and specific policies relating to each of the North East, North West, and Yorkshire & the Humber regions.

Commenting, CECA Director of External Affairs Marie-Claude Hemming said: “Today, CECA have set out a portfolio of policies that we believe have the potential to rebalance the economy of the North of England.

“For too long, the North of England has suffered from substantial underinvestment which has prevented the region from reaching its full potential.

“If the Government is to fulfil the promise of its rhetoric about the ‘Northern Powerhouse’, it must get spades in the ground on infrastructure projects as a priority, and enable regional economies to thrive.

“All parts of the UK will benefit if the economy of the North of England can grow. Implementing an early Corporation Tax reduction to businesses seeking to move to or expanding to the region is an example of a policy lever the Government can and should pull.

“Rebalancing the UK economy will be absolutely crucial to delivering post-Brexit growth, and will secure the future of the UK once we have left the European Union.”
  

 

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