RHA response to today’s fiscal statement
Responding to today’s fiscal statement by Chancellor of the Exchequer, Kwasi Kwarteng, RHA MD Richard Smith, said: “We welcome several of the measures announced and the commitment to encourage business investment, reduce taxes on jobs and relieve cost pressures.
The biggest issue facing hauliers and coach operators is the cost of fuel and energy. The energy bill support provided in the next six months will act as a lifeline for many – however, we will be urging for this to be extended.
Fuel costs are driving the cost-of-living crisis, increasing costs in the supply chain and the price of goods for everybody. Ahead of the next full Budget, we urge the Chancellor to introduce targeted support – an essential user rebate of 15ppl for hauliers and coach operators, in line with many other European countries.
It is good news the planned Corporation Tax increase has been scrapped. Many small operators will benefit from the reversal of the National Insurance increase introduced in April, at a time when they are facing major cost pressures and high inflation.
Keeping the Annual Investment Allowance at £1 million will be good news for vehicle operators considering upgrades to their fleets and machinery, giving them the confidence to push ahead with investment.
The proposals for investment zones have potential benefits for our members and we look forward to seeing further details.