This week saw Philip Hammond, Chancellor of the exchequer deliver his Spring Statement which is an outlook by HM Treasury with regards to the financial and economic state of the United Kingdom as a whole. Whilst it was known prior to the address that no new tax or spending decisions would be announced as part of the statement, there were a few points of interest raised before the Autumn budget due later this year.
Included as part of the Spring Statement, the following points were raised:
With the ever-changing economic climate of the country and the continuing uncertainty surrounding "Brexit", few people will be surprised at a fairly non-committal Spring Statement from Mr. Hammond, though many will be apprehensive ahead of the Autumn budget later in the year, potentially rightly so.
Green Cars’ is the term used for zero, low and ultra-low emission vehicles (ULEVs) - with pressure being applied to lower global emission levels, the need for “eco-friendly” vehicles is on the rise. Many countries now have plans in place to abolish the use of combustion engines before the turn of the century and so more and more vehicles we see on the roads will be Electric, hybrid or very low emission petrol and diesels.
Although beneficial to the environment, ‘Green Cars’ are also beneficial from a taxation view. The lower a vehicle’s emissions banding, the lower the taxation placed against it. Many manufacturers have tapped in to this ever-growing market with their own offerings, however, Volvo were the first manufacturer to state that every one of their models will be either electric or hybrid options from 2019.