THERE was little in the Autumn Statement that is likely to have much direct effect on the fortunes of car dealers and the issues that they currently face, especially when it comes to how the used sector will absorb the growing numbers of EVs that will arrive over the next year or two.
However, Jamds Tew, Chief Executive at iVendi, said the various measures designed to help investment, especially full capital expensing, are good news and no doubt some automotive retailers will take advantage of them.
He added: “While the NI cut will potentially provide a little more financial flexibility for car buyers. After the various substantial blows that the economy has taken in previous years, the chancellor is keen to promote a narrative that we’re ‘back on track’ and that might be a stretch, but we might at least be entering a phase where things have stopped getting worse. In its own way, this is to be welcomed.”
“SOGO is calling for an extension of London’s scrappage scheme to operate nationwide. It’s an effective way to help drivers make the move to greener mobility choices.”
Howard Cox Founder of FairFuelUK and London Mayoral Candidate for Reform UK added: “Despite no mention of any positive support for drivers, and following FairFuelUK’s widely respected objective Campaigning since 2011, it would be churlish for me not to thank the Chancellor, for maintaining the freeze in Fuel Duty for the 13th year in succession.
“The threat of the Rishi Sunak’s Budget temporary 5p cut in duty being reversed in the 2024 Budget still hangs over motorists’ heads. That event could have been quashed completely today but the OBR assume the Fuel Duty rise with inflation is part of the anti driver Treasury’s fiscal forecasts. Increasing duty would be economic and political suicide.”
From a tech perspective, Al Lakhani, Chief Executive of IDEE, said there there were positives in the Chancellor’s speech, but also some glaring holes, not least where cyber security was concerned.
“As a severe and universal threat to businesses and nation-states alike, it is imperative that the public and private sectors work together to create an environment that allows for the development and adoption of world-class cybersecurity solutions.
“Simplifying R&D tax credits has been a necessity for years, and the Chancellor was right to acknowledge this, albeit very briefly. But it is too early to celebrate; we need to see what shape the reforms will take, and what types of R&D investment will be eligible. Cybersecurity must be one such area, as it is imperative that companies are encouraged to invest in robust cybersecurity infrastructure.
“What’s more, it would have been positive to see investment in the provision of cyber security training, with the skills gap a major issue for UK businesses. The recent events concerning the British Library should be a timely reminder – not that one is needed – of how hugely disruptive and damaging cyber-attacks can be. Much more can be done to facilitate progress in cutting-edge cyber security, and today was a missed opportunity.”
