We (The RHA) are pleased to see the Chancellor has listened to our calls to help haulage, coach and van businesses in his Spring Budget. Continuing the freeze on fuel duty and maintaining the 5p-cut for a further 12 months will help firms deal with economic challenges.
The decision to extend full expensing to leased vehicles and assets should prove a significant support to hauliers and coach operators, particularly those affected by higher interest rates. We are delighted the Chancellor has listened to our calls to extend this opportunity to more commercial vehicle operators.
We are however disappointed that the Chancellor missed the opportunity to provide direct short-term support for operators. With record numbers of haulage firms collapsing last year and the trend continuing, many operators were hoping for a temporary suspension of the HGV Levy and VED on HGVs as well as incentives for the take up of alternative fuels which can drastically reduce tailpipe emissions.
We welcome the increase in the VAT registration threshold from £85,000 to £90,000 and the extension of the Growth Guarantee Scheme until March 2026 as measures to support small and medium-sized businesses.
The Chancellor has today made some welcome announcements, but more must be done to support the struggling road transport industry that is so critical to the UK supply chain and economic growth.
