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The Budget tees up electric heating for growth!
As you may or may not be aware, the UK chancellor Rishi Sunak announced the tax and spending plans for the government today. The budget was promised to increase economic growth by 0.5% over the next two years.
As expected the economic impact of the coronavirus took centre stage but the measures will be put in place to negate its impact. This includes:
- Statutory sick pay for those unable to work
- Business interruption loan scheme
- Tax cuts for leisure businesses
- £5 billion emergency budget for the NHS
However, the main point to catch our eye which will significantly push electric heating to the forefront of building projects was:
A freeze on the levy on electricity and a raise to the levy on gas to help tackle the climate crisis.
This gives a strong and clear sense of the government’s journey towards climate change and reiterates that, perhaps, the government’s plan to ban gas boilers in new homes by 2025 is not just being paid ‘lip service’.
Our prediction is that this will help give electric heating a significant and continuous period of growth along with some great innovations within the market.
Are you ready for the electric revolution? If not, you need to be.