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12 Dec 2022

New research published by Cycling Scotland has shown that saving money is a key motivator for people taking up cycling. The study, which tracks changes in attitudes towards cycling in Scotland...

7 Dec 2022

During a tough economic climate with significant challenges for retailers, the Daily Telegraph has named 15 high streets around the country that it says, “retain a healthy selection of...

30 Nov 2022

Cycling UK has published its annual 100 Women in Cycling 2022 list celebrating inspirational women in cycling.

30 Nov 2022

Cycling in London has increased by 40% since the start of the pandemic, including a near-doubling of journeys by bike at the weekend, according to the newly published annual Travel in London...

29 Nov 2022

The Business Secretary, Grant Shapps, has announced that businesses are to be given a further two years to apply new product safety marking.

29 Nov 2022

A new survey of 2,000 British cyclists, which is part of a wider European report, claims that only just over a quarter of people in the UK think their local cycling infrastructure has improved...

28 Nov 2022

VOLT announces its new insurance collaboration with LAKA, three-time winners of the Best Cycle Insurance Provider category at the Insurance Choice Awards and pioneers of the ‘collective...

24 Nov 2022

According to a new survey, Cambridge is the best in the country for independent shopping to support small businesses. The study found that many of the city's small businesses turned out to be...

22 Nov 2022

Groups of independent retailers in York are to receive a £25,000 funding boost to help with promotion during the Christmas trading period and to attract more customers in 2023.

21 Nov 2022

Shop owners in Earlsfield, Wandsworth are teaming up in the run-up to keep the high street busy in the run-up to Christmas. With the cost-of-living crisis affecting independent shops, the...

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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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