As a result of the negative response following September’s Minibudget and turbulence in the financial markets, the now former Prime Minister, Liz Truss, has announced that some of the planned tax changes will be scrapped. In addition, new Chancellor Jeremy Hunt announced further changes and U-turns in the government’s plans, all of which are in the table below:

Although these U-turns are creating uncertainty around the government, they are a step in the right direction in helping to stabilise the UK economic climate. The full fiscal budget will be announced on 31 October, NFDA will provide an extensive breakdown of what this means for the Automotive Industry.