GKD Founder and CEA Director, Nick Ground, gives his thoughts on Budget 2024

The Chancellor's Budget announcement contained potentially positive news for the construction industry

GKD Founder and CEA Director, Nick Ground, gives his thoughts on Budget 2024

Yesterday we heard Jeremy Hunt, the Chancellor of the Exchequer, deliver the Government’s Budget announcement for 2024 – which contained potentially positive news for the construction industry.

As part of his role as Director of the Construction Equipment Association (CEA), GKD’s Founder, Nick Ground, reflected on the announcements made:

After continued representations from the industry, the Chancellor undertook to bring forward changes to the full expensing rules to bring leased equipment into the scheme.

Whilst in an ideal world ‘leasing’ may also cover equipment bought for rental purposes, the published supporting information is unclear regarding the timing and detailed content of the necessary legislation.

It is too early to tell if this is going to be of help to construction equipment purchasers, but it will benefit some of our members who lease equipment for production purposes. The danger is that the promised legislation may remain as a promise as the general election looms.

What can be welcomed is the fuel duty freeze after the unwelcome extra costs associated with the banning of rebated red diesel for construction purposes in 2022.