Berkeley Group, a leading UK housebuilder, has expressed concerns that the introduction of a new cladding tax will severely impact their objective of constructing 1.5 million homes by 2029. The warning comes amidst industry-wide frustration over rising remediation costs linked to unsafe cladding, following the Grenfell Tower disaster. With existing financial burdens like a 4% corporation tax surcharge and the upcoming building safety levy, developers fear that these increasing costs could obstruct timely construction efforts, exacerbating the housing shortage. Berkeley highlighted that ongoing regulatory changes add further complexity to their building plans.
Berkeley Group has warned that a new cladding tax could hinder its goal of building 1.5 million homes by 2029, adding significant pressure amid rising costs.
The company expressed concern about the rapid regulatory changes and their potential impact on the housing market, stating that these incremental adjustments could undermine new home delivery.
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