Car retailers are braced for a potential halving of Government support on their energy bills from the end of March.
The Chancellor of the Exchequer Kwasi Kwarteng has announced £45 billion of tax cuts in a ‘mini’ budget set to cost the exchequer around £100bn.
As the British people face significant increases in the cost of living, the Chancellor Rishi Sunak has delivered tax cuts to fuel and wages in today's Spring Statement to the UK Parliament.
Chancellor of the Exchequer Rishi Sunak has outlined details of a new COVID-19 job support scheme to replace the furlough option offered by the current Coronavirus Job Retention Scheme (CJRS).
The Finance and Leasing Association (FLA) has urged Government to not ‘prematurely end’ its COVID-19 finance support for UK business in a co-signed letter to Chancellor of the Exchequer Rishi Sunak.
The National Body Repair Association (NBRA) has called on Government to extend the Coronavirus Job Retention Scheme (CJRS).
The UK has entered recession for the first time since 2009 after COVID-19 coronavirus lockdown measures contributed to a 20.4% contraction of the economy in the second quarter of 2020.
Chancellor of the Exchequer Rishi Sunak put job retention and creation front and centre of his £30 billion COVID-19 “mini budget” – prioritising hospitality, tourism and housing with fiscal stimulation measures.
The Chancellor of the Exchequer vowed to champion “the great British white van driver” with a review of VED rates and brought forward the business rates review in his Spring Statement 2018. In a speech in the Commons which laid out GDP growth and reducing debt levels predicted by the latest OBR reports, the Philip Hammond said that he aimed to “champion business” with the measures. Addressing the house, he said that a review of business rates would now take place in 2021 in a move that would also usher-in “triennial reviews from then on”. He said this came on top of a review of business rates, which resulted from the Autumn Budget, which he claimed would reduce rates for small business by over £10 billion. An £80 million fund was also announced to help small businesses in their recruitment of apprentices in light of the introduction of the Apprenticeship Levy last year. Mr Hammond said that the move had come in recognition of the “changes the system represents”. In a move that the chancellor would “help the great British white van driver”, the Chancellor said that a review of VED road tax would look to bring in a reduction in expense for the greenest commercial vehicles. The OBR’s latest predictions for economic growth in the UK were revised up from 1.4% to 1.5% for 2018, with 1.3% growth in 2019 and 2020 before a rise to 1.4% in 2021 and 1.5% in 2022. Paul Johnson, at the Institute for Fiscal Studies, moved quickly to dispel any suggestion that the revised forecast was worthy of celebration, however. In a Tweet posted during the Chancellor’s speech, he said: “Against a long term trend of at least 2% a year growth, after poor growth since 2008, and compared with growth across rest of OECD, these are not encouraging forecasts.”
Just one in 100 car buyers are actively looking at new electric vehicles despite the Chancellor’s diesel demonization, according to What Car?
Chancellor George Osborne pledged a further £600 million to boost the update of ULEVs, but there was no mention of the future of the plug-in grant.
