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“The convenience retail and forecourt sectors have broadly welcomed the budget, which came without surprises,” he said.
“The key announcements of relevance for retailers include the freeze on alcohol and fuel duties (including the previously announced 5p cut on fuel) until Feb 2025, a new vape tax from Oct 2026, to be introduced along with higher duty on tobacco, and a new capital allowance offer on business investment for leased assets which will enable businesses to continue upgrading with new and green technology.
“Alongside this, the chancellor announced a significant funding package to boost car and space innovation, which is a step in the right direction for electric vehicle (EV) uptake.”
Rodell did, however, highlight some announcements he feels the industry will find less encouraging.
“Manufacturers will be disappointed that he didn’t take the opportunity to reduce VAT on EV’s,” he said.
“For individuals, National Insurance will be cut by 2p from Apr 2024 which should help to give workers pay packets a marginal boost. However, many will be feeling more could have been done to support the sector, particularly as nothing was mentioned in regard to business rates, which are due to go up in April.”
