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cap hpi reaction to the Budget 2020

In response to the Chancellor’s Budget on 11 March 2020, Andrew Mee, head of forecast UK at cap hpi said: “Based on the Chancellor’s speech, this appears to be a good budget for the automotive sector. We welcome the £500m investment in extending the EV charging hub network, and £1bn to be invested in green transport solutions; although it remains to be seen if the planned investment is in addition to what has already been announced. Similarly, the reference to tax reforms in order to encourage the take-up on EVs may just refer to the April BIK and VED changes we already know about; or there could be some new incentives yet to be confirmed in detail. However, even the changes already announced should have a positive effect on increasing the take up of electric vehicles.

“Petrol and diesel drivers will be relieved to hear that fuel duty has been frozen. If this had been increased it could have been seen as a nail in the coffin for petrol and diesel vehicles.

“Overall it would appear this is a positive budget which looks to invest in cleaner, much more eco-friendly vehicles but also offers some relief to drivers of petrol and diesel vehicles in that they won’t be punished at the pumps in the short term.”

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