HOME REFURBISHMENT AND VALUE ADDED TAX

That this House notes research carried out by University of Oxford calculates that the potential market for the refurbishment of existing homes to improve their energy efficiency is worth between £3.5 and £6.5 billion; further notes the recent EU decision allowing member states to reduce value added tax (VAT) on services and cut the current rate of VAT to five per cent. for all private housing repair and maintenance work; and calls on the Treasury to reduce the rate of VAT for established construction contractors to provide a significant boost to the industry and labour market.