The UK Motor industry has given a positive welcome to George Osborne’s 2011 Budget. Top of the pile was the chancellor’s decision on fuel duty. Mr Osborne’s first move was to cancel the anticipated rise in fuel duty. Although a key feature of this year’s budget, scrapping the rise of 1 penny is seen as menial by some due to the fact that fuel rose by 3 pence per litre following the VAT rise 3 months ago! The chancellor sought to back up his fuel duty measures by scrapping the Labour government’s fuel duty escalator which would see fuel rise every year by 1 penny per litre.
Other big features of this years budget include a reduction in corporation tax. This is a REAL benefit to the UK economy and small businesses in particular. The Retail Motor Industry has said it ‘broadly supports’ the Budget with Sue Robinson, RMI Director, quoted as saying “Announcing that corporation tax will fall by two per cent in April and continue to fall till the rate is 20 per cent will be a major boost to businesses.”
The SMMT (Society of Motor Manufacturers & Traders) also welcomed the Budget with chief executive Paul Everitt saying it ”recognized the strength of the UK manufacturing sector and its ability to steer our economy out of recession.”
The outlook is certainly still challenging but the motor retail sector is encouraged that the Chancellors plans have a strong focus on manufacturing and making the UK an attractive place to invest.
Overall we believe this is a positive Budget for the Motor Trade giving support to business whilst helping hard pressed consumers. This is something of a focus for us here at Crusader Vans and is evidenced in our continuing fight to bring our customers the very best finance packages around.
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