E5 President Kevin Stevens reacts to the Budget

The president of an award-winning property group said today’s Budget showed the Chancellor had failed to listen to the construction industry. 

International real estate specialist Kevin Stevens, whose E5 Group is behind a series of high-quality residential and commercial developments around the country, said the Chancellor had failed to deliver policies which would deliver economic growth. 

He said: “Before today’s statement I asked if the government had the courage for change. We now know they don’t. 

“Today’s Budget reflects more muddled economic thinking and short-term political opportunism - neither of which is good for our country. 

“I heard little in the way of action to help the hundreds of small and regional builders who are hanging on by their fingernails at the moment. There was no significant new action to clear more of the barriers which stand in the way of development and precious little help to build the skills and talent the construction industry so desperately needs. 

“Where was the help for first time buyers to allow them to get onto the property ladder? We have our own scheme running on our King’s Park Village development at Grimsby, but surely the Government should be prioritising action too? 

“Instead, we got a mansion tax and a series of wealth taxes just because the Chancellor needed to throw some red meat to her backbench Labour MPs. How that is supposed to help build liquidity in our housing market – as reform of Stamp Duty might have done – or grow our economy is anyone’s guess. 

“The mansion tax will simply fuel an exodus of people out of this country who would otherwise be creating new jobs, employing local people and generating wealth.  Blaming people for being successful is no recipe for a prosperous future. 

“It is now painfully clear that the Government will miss its housing construction targets in spectacular style and that the Chancellor’s credibility has never been lower. 

“Despite saying she is on the side of business, the chancellor has failed to listen to the experts in our industry who have set out some of the things she needed to do to get the UK building again. 

“I fear we will pay a heavy price for her inability to listen.” 

E5 Living is currently delivering housing developments in Lincolnshire, including more than 100 houses and bungalows on King's Park Village and 71 high-specification, energy-efficient homes at Gallamore Gardens in Market Rasen, north east Lincolnshire. 

Ends

Editors notes

From building high-quality homes to delivering solutions to a growing care crisis, while laying the groundwork for a major international aggregates business, E5 is investing in the present for significant financial and social returns both now and into the future.