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BVRLA: Budget announcements "give cause for concern" for leasing industry

Date: 17 March 2016   |   Author: Daniel Puddicombe

Yesterday's Budget "gives the rental and leasing industry cause for concern", the British Vehicle Rental and Leasing Association has stated.

The rental body's chief executive Gerry Keaney said it is 'unacceptable' that the Government did not 'do a U-turn' on its decision to retain the 3% diesel supplement for the next three years, as announced in the 2015 Autumn Statement.

Keaney added the lack of a U-turn "penalises innocent people for decisions they have already made".

However, Keaney welcomed the chancellor's choice to freeze fuel duty, and the advanced notice of the reduction of the capital allowances.

"It's vital that the Government understands the cumulative effect of its announcements, rather than looking at them in isolation. The rental and leasing industry is responsible for more than four million vehicles and contributes £24.9billion to the UK economy, and it relies on a fair and simple system of taxation to continue to do so," he concluded.