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7 May 2024

Cycling enthusiasts in Warrington are to be treated to a new cycle shop opening in the town centre.

7 May 2024

A record number of daily trips were taken on shared bikes in the UK last year, with more people using e-bikes instead of conventional pedal cycles for the first time.

30 Apr 2024

The UK’s estimated 7.6 million cyclists are being urged to get on their bikes on Saturday May 4th and head down to their local independent bike shop, as many prepare special activities to...

23 Apr 2024

This May, join the movement to create safer, more bike-friendly streets with the Bike Month Challenge and #MakeEveryRideCount!

23 Apr 2024

The number of reported e-bike thefts doubled in the space of a year in the UK, with a 103% increase in 2023 compared to 2022, according to a study by Evolve E-bikes. While the...

22 Apr 2024

For the first time in its campaign to help the city address escalating lithium-ion battery fires, the Fire Department of New York filed criminal charges against a Brooklyn e-bike shop owner for...

22 Apr 2024

The managing director of Brompton has backed a campaign to introduce stricter e-bike battery regulations in the UK, amid "too many examples of e-bikes, e-scooters and light electric...

15 Apr 2024

The Rediscovery Centre, the National Centre for the Circular Economy in Ireland, today announced its partnership with Cytech, the internationally recognised training and accreditation scheme for...

12 Apr 2024

Just two weeks remain for the UK cycle industry to have its say on the current Government consultation to double the permissible power of e-bikes, and to remove the need for pedalling.

10 Apr 2024

Award-winning cycling business Spokes Bikes has added a new shop in Greenock to existing shop in Bridge of Weir.

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Cautious optimism expressed about Chancellor’s reduction in National Insurance rates.

Posted on in Business News , Cycles News

ACT parent company, Bira – the British Independent Retailers’ Association -  has said that the Chancellor’s decision to reduce national insurance rates could offer a 'glimmer of hope' for struggling retailers who are desperate for consumer confidence to return to the high street.

Red budget box

Jeremy Hunt announced a significant cut in the main rate of class 1 National Insurance, reducing it to 8% from 6th April 2024. This follows a prior cut from 12% to 10% in January. Additionally, the class 4 self-employed NICs rate will be reduced from 9% to 6%, along with the abolition of class 2 self-employed NICs.

The Treasury estimates substantial savings for individuals, with an average worker on £35,400 saving more than £900 annually. The average teacher on £44,300 is expected to gain £1,250 per year. For example, those earning £20,000 will benefit from a £148.60 yearly saving, while those earning £50,000 will save £748.60. The average self-employed individual earning £28,000 is anticipated to save about £650 annually because of the NI rate cuts.

Andrew Goodacre, CEO of Bira, said: "We welcome the Chancellor's decision to reduce National Insurance rates, providing consumers with additional disposable income. We hope that this financial relief will boost consumer confidence, enabling them to spend more on the high streets.

"However, while we acknowledge the positive impact of the NI rate cuts on consumer spending, there is a missed opportunity in not addressing the planned 7% increase in business rates, which remains a concern for the retail sector."

He added: "We remain cautious about long-term economic growth, and there is the need for initiatives that drive employment and production. The association believes that sustained economic growth is crucial for the growth of businesses, and more measures are needed to support this aspect."

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