Budget 21: UK Finance reacts to the Budget

Jessica Nangle

March 3, 2021

UK Finance has responded to the Chancellor’s Budget this afternoon, with chief executive David Postings reacting to the various outlined measures.

Postings said: “The Chancellor has set out a bold plan to support the economy in today’s Budget.

“The banking and finance industry has taken unprecedented action over the last year to support businesses and customers, and we will continue to work closely with the government to help the nation get back on its feet.

“This is a well-constructed Budget that positions the UK as an open and internationally competitive place to do business and we welcome the measures set out by the Chancellor to achieve this vision.”

Postings welcomes the certainty that the stamp duty holiday brings.

He added: “We welcome the certainty an extension to the stamp duty holiday and a phased approach to its ending brings for buyers and sellers.

“This will help prevent a cliff edge, reduce the risk of house sales collapsing and will prove beneficial for all parties involved in the housing market.”

Regarding the Mortgage Guarantee Scheme, Postings said that the banking and finance industry “supports innovation in the mortgage market”, particularly measures which enable borrowers “to realise their dream of home ownership through lower deposits”.

Postings added:“We look forward to working with the government and lenders on helping to implement the scheme which will help many more people get onto the property ladder.”

The budget laid out a number of taxation measures, and Postings emphasised that the industry is committed to continuing to work with government to “help the nation’s finances recover” from the impact of the pandemic.

He said: “As the UK looks to maximise opportunities for inward investment and growth, we need a taxation system that ensures the UK continues to be an attractive place to do business and enables financial services to support economic recovery.

“We welcome the Chancellor’s announcement that the bank surcharge will be reviewed, and would encourage HM Treasury to consider the banking sector’s total tax rate as part of this work to help ensure that the UK is more competitive internationally.”

Sign up to our daily email