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@hmtreasury @GOVUK will soon be making a profit out of the #BuildingSafety Crisis! Simple maths for the moment, would welcome help from an economist to validate. Pls share THREAD 👇
£1.6bn of taxpayer funding pledged to #ACM fund (£600m) and #BuildingSafety fund (£1bn) assuming this is all spent @hmtreasury could receive back 👇
£320m in VAT £200m Tax/NI from project workers, £100m Corporation Tax from remediation firms. So £1.6bn becomes £980m. This is further reduced by 👇
£208m of #WakingWatch taxes made up VAT, Employment Taxes, Corporation Tax etc (rough calf’s based on £10k per week per bldg WW cost x 40% tax x 2yrs x 500 blocks) perhaps @NFCC_FireChiefs could confirm better figures nationally? Lives saved by WW so far 0 as far as we know. 👇
£30m of additional Insurance Premium Tax #IPT charged on all insurance policies which in many cases have risen 10 fold due to #BuildingSafety issues and market failure. Perhaps @BritishInsurers could give more detailed figures? 👇
So at this point @GOVUK @hmtreasury are only down by £742 million. So to plug this gap and move in to profit let’s look at the tax take on all the additional #BuildingSafety works (alarms, fire doors, fire risk assessments, balcony decks, #EWS1 surveys, fire breaks etc) 👇
We need far more time to work this out but if we take the conservative estimate of £10bn required to remediate existing stock and apply a 40% tax take (£4bn) we can see that a prolonged #BuildingSafety Crisis is in fact a ‘good little earner’ ENDS
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