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4 Mar 2025

The Office for Product Safety and Standards (OPSS) has issued a fresh warning about the dangers of UPP e-bike batteries, urging consumers to stop using them immediately.

28 Feb 2025

Independent cycling retailer and ACT member Velo Fit has become the first to stock a new brand of bikes focused on combining quality and affordability.

26 Feb 2025

ACT parent company Bira has cautiously welcomed Labour's Crime and Policing Bill but is calling for urgent action and immediate funding to address the surge in retail crime affecting independent...

19 Feb 2025

Electric cargo bike firm Zedify is set to enter administration following a failed search for new funding, after aiming to be active in 50 cities over the next few years.

18 Feb 2025

Halfords has upgraded its profit expectations for 2025 following a strong end to 2024, signalling a possible boost for the wider cycling retail sector after a difficult period.

17 Feb 2025

A £291m funding package from Active Travel England is set to be used for cycle lanes and improved junctions, while also supporting local businesses and making it easier to cycle to work,...

14 Feb 2025

The UK Government has removed anti-dumping tariffs on non-folding e-bikes imported from China in a move that has raised alarm within the UK’s cycling industry over potential market...

7 Feb 2025

ACT parent company Bira has warned that retailers across Britain face troubled times ahead despite today's Bank of England interest rate cut to 4.5%, as the Bank halves its growth forecast for...

4 Feb 2025

The ACT and legal partner WorkNest are hosting an exclusive webinar on how to remain compliant with employment law while making necessary business changes.

31 Jan 2025

New independent research has confirmed OEM e-bikes are effectively exempt from risk of battery fires, with unsafe post-purchase replacement batteries, conversion kits, and other equipment that...

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Energy Bill Relief Scheme for businesses to continue to end of March 2023, Chancellor confirms

Posted on in Business News , Cycles News

The new Chancellor of the Exchequer, Jeremy Hunt, has confirmed in a statement that the Energy Bill Relief Scheme for businesses will continue to the end of March 2023 as planned.

Jeremy HuntHowever, the Chancellor has ordered a Treasury-led review into how to provide energy support to individuals and businesses from April 2023. The Chancellor stated that support should be targeted to businesses that need help most. Businesses are being urged to complete the government’s survey here.

Mr Hunt’s statement included several other announcements regarding last month’s mini-budget.

The Chancellor also announced that:

  • The basic rate of income tax, which was due to be cut to 19%, will now remain at 20%
  • The scrapping of the rise to corporation tax has been abandoned. Corporation tax will rise to 25% in April 2023
  • Reforms to IR35, off-payroll employee pay, and dividend tax reforms have been dropped
  • The introduction of VAT-free shopping for tourists visiting the UK has been scrapped
  • The freezing of alcohol duty rates has been scrapped
  • The 1.25% rise to National Insurance Contributions, to fund the Health and Social Care Levy, will be dropped as planned
  • The Annual Investment Allowance, Seed Enterprise Investment Scheme and Company Share Options Plan will go ahead as planned

The Chancellor will publish the government’s fiscal rules with an OBR forecast, and further economic measures on 31st October 2022.

In his statement, the Chancellor said:

"Any support for businesses will be targeted to those most affected and the new approach will better incentivise energy efficiency."

"The most important objective for our country right now is stability. Governments cannot eliminate volatility in markets, but they can play their part, and we will do so because instability affects the prices of things in shops, the cost of mortgages, and the values of pensions."

"There will be more difficult decisions, I'm afraid, on both tax and spending as we deliver our commitment to get debt falling as a share of the economy over the medium term."

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