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RMI Autumn Statement CommentBack

ChancellorThe Retail Motor Industry Federation (RMI) represents 8,000 motor sector businesses that sell, service and repair new and used vehicles, employing 600,000 individuals and is the customer-facing side of the motor industry.

RMI Autumn Statement Comment
Sue Robinson, RMI Director

BUSINESS RATES
The RMI welcomes the extension of the small business rate relief scheme. The announcement that rates will be capped at 2% next year and the new option to pay in monthly instalments will be of great benefit to our smaller members.

News that small businesses with a premise with a rateable value of under £50,000 will receive a discount of £1000 will provide welcome relief to RMI’s very small members.

CORPORATION TAX
Whilst the RMI are encouraged by the reductions already introduced by Government we are disappointed that further reductions to corporation tax were not announced in the Autumn Statement. The UK needs to ensure that it has the most competitive regime for businesses to encourage inward investment and business start up and a cut to corporation tax would have supported this.

APPRENTICESHIPS

The RMI welcome the general proposals for apprenticeship reform. However our concerns surrounding fee proposals were not fully addressed in the statement. We wait to hear confirmation on how the scheme will be funded and hope industry concerns are taken into account.

NATIONAL INSURANCE CONTRIBUTIONS FOR YOUNG PEOPLE

The move to remove employer national insurance contributions for staff under 21 is welcomed by the RMI. The exemption will encourage the smallest of our members to hire young people and expand their businesses.

TRANSPORT MEASURES

The RMI welcomes the general transport measures on fuel duty and road upgrades which will benefit road users across the UK. This is turn should have a positive effect on the vehicle market.

 

Posted by Leana Kell on 08/12/2013