The Motor Trade Gives The Budget A Lukewarm Response

Mondays budget received only a lukewarm response from motor trade bodies.

The NFDA welcomed that fuel duty will again be frozen along with the rise in income tax allowances for consumers’ with disposable income. The planned government review of the impact of the Worldwide harmonised Light-vehicles Test Procedure (WLTP) on the VED and company car tax systems by next spring was also seen as a positive as was the increase of the annual investment allowance (AIA) to £1 million from £200,000 for two years from January 1.

The SMMT welcomed some of the announcements in the Budget but felt that with continuing Brexit uncertainty, the automotive industry needed more stimulus to boost a flagging new car market, wanting to see more incentives for consumers to purchase the latest, most environmentally friendly vehicles.

Details of both the NFDA and SMMT press releases can be found below.

https://www.nfda-uk.co.uk/press-room/press-releases/nfda-comments-on-autumn-budget-2018

https://www.smmt.co.uk/2018/10/smmt-response-to-the-budget-2018/

A related article to the above can also be found on AM-online.

https://www.am-online.com/news/supplier-news/2018/10/30/motor-trade-bodies-and-suppliers-disappointed-with-budget-statement

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