Trade association for independent kitchen and bathroom specialists, the Kbsa has welcomed the budget and measures which it says will support kbb retailers through the next six months.
National chair of the Kbsa Richard Hibbert said: “This is a good news budget with some key initiatives to help businesses work their way out of lockdown.
“The extension of the furlough scheme will be a bonus to independent retailers, as will the continuation of the business rates holiday for firms in England.
“We await details of the £5bn scheme for High Street shops and hospitality firms, as there may also be support for retailers within this.”
And he exclaimed the outlook is good for kbb retailers, with measures to keep the housing market buoyant: “The new mortgage guarantee scheme to help people with small deposits get on the property ladder, and extension of Stamp Duty holiday on house purchases in England and Northern Ireland extended to June, will both aid activity and stimulate demand for home improvements.”
Richard Hibbert is optimistic the resilient kbb sector will continue to benefit from pent-up demand and there will be a recovery in the longer-term.
“Despite the prediction from the chancellor that it will take a long time to recover from this extraordinary economic situation.
“We are optimistic that in the short term the KBB sector will remain strong. We know that there is pent up demand, with families having funds to spend that were not spent on big ticket items last year, the outlook is positive.”
“Overall the Chancellor seems to be trying to instil confidence that the economy will recover. However, things can still change over the next few months and it remains a challenge for businesses to plan around such uncertainties.”