VRA Budget Statement

Philip Nothard

Philip Nothard, chair, Vehicle Remarketing Association, said:

“What the remarketing sector probably wanted to see more than anything from this Budget was a continuation of the kind of support needed to sustain the economy as we come out of the coronavirus crisis and it seems that the Chancellor has delivered on that front. Especially once showrooms reopen in the Spring, we want to see a situation where individuals and businesses can feel confident in making used car and van purchases, and factors such as the extension to the furloughing scheme should play an important part in this.

“The downsides for business were few, such as the increase in Corporation Tax, and the Superdeduction is an interesting idea that could genuinely power a degree of growth. We also welcome the new measures to encourage apprenticeships, which could be of interest to companies right across the remarketing sector.

“At some point in the future, we’d like to see more detail about the Government’s plans in all kinds of areas directly affecting the motor industry, from road tolls to on-street EV charging, but for the moment, this seems to be a Budget that ticks most boxes.”

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