Comment from Andy Hamilton, CEO of LKQ Euro Car Parts
“Many workshops and bodyshops in the UK’s independent aftermarket are facing a cost of doing business crisis, so the biggest news from today’s mini-budget was the energy price cap first announced two weeks ago.
“The package of tax freezes and cuts unveiled today – from the National Insurance rise reversal, and cut to the basic rate of income tax – will no doubt help too, and ensure consumers have a bit more in their pockets to spend on their vehicles. But I’ll be looking to the budget proper later this autumn for more specific support for small businesses and our sector.
“This includes reform of business rates, where we back the FSB’s call to increase the rateable value threshold to £25,000, and support for garages that need to invest in future skills, such as EV qualifications, be that through grant funding or further tax breaks.
“These would not only help businesses in the aftermarket to move past the current crisis but allow them to invest in their futures.
“There’s no doubt that Liz Truss’s government is making a gamble for growth with this mini-budget, a gamble that has to pay off for the sake of our long term economic growth”.