Seven in ten car dealers want to see a VAT cut in the Autumn Statement
Ahead of the Autumn Statement (30th October 2024), motor dealers have outlined the support measures they need to help their businesses. Selected amongst the top three measures, almost seven in ten (69%) dealers would like to see a VAT cut, according to the research by Close Brothers Motor Finance.
The Forecourt Foresight findings found that almost two-thirds (64%) would like to see additional tax cuts, and 45% say reduced business rates would support their forecourts.
Following the energy price cap increasing, almost two-thirds (64%) of dealers confirmed they would like help with rising costs. And as we move towards the delayed petrol and diesel ban, 7% would like to see incentives for stocking EVs, and almost the same number 6% say they need support with infrastructure.
Ahead of the government’s Autumn Statement, dealers say the following support measures would help their businesses:
- VAT cuts – 69%
- Tax cuts – 64%
- Support with rising costs (i.e. energy bills) – 64%
- Reduced business rate – 45%
- Incentives for stocking EVs – 7%
- Support with infrastructure (i.e. charging points for EVs) – 6%
John Cassidy, director of sales at Close Brothers Motor Finance, said: “The motor industry is vital to the economy and dealers play a major role. As the backbone of the car industry, giving motor dealers support should be at the front and centre of the government’s plans. Dealers are continuing to feel the pressures from all sides. Costs are rising for consumers and businesses alike, meaning demand is constrained and prices have no scope to fall. A VAT cut or reduced business rates would provide much needed relief for dealers who are trying to navigate high costs from stock prices, taxes, through to energy bills. Any support measures will go some way to offering relief to dealers wanting their business to thrive in the months ahead, which ultimately will also help boost the UK economy.”