The Retail Motor Industry Federation (RMI) represents 8,000 motor sector businesses that sell, service and repair new and used vehicles, employing 600,000 individuals and is the customer-facing side of the motor industry.
RMI Autumn Statement Comment
Sue Robinson, RMI Director
The RMI welcomes the extension of the small business rate relief scheme for a further year. The announcement that rates will continue to be capped at 2% next year will be of great benefit to our smaller members.
News that small businesses with premises with a rateable value of under £50,000 will receive a discount of £1,500 which will provide welcome relief to RMI’s very small members.
Whilst the RMI are encouraged by the reductions already introduced by Government we are disappointed that further reductions to corporation tax were not announced in the Autumn Statement. The UK needs to ensure that it has the most competitive regime for businesses to encourage inward investment and business start up and a cut to corporation tax would have supported this.
We will watch with interest how the discussions on the devolutions of tax powers to Scotland and Northern Ireland develop and will lobby to ensure that any changes are of benefit to our members.
The RMI is positive by the announcement that employers National Insurance for apprentice’s under-25 will be scrapped, and that all national insurance will be abolished altogether for apprentices.
FUEL DUTY FREEZE
The RMI remains optimistic about the news that the chancellor has ruled out an increase in the duty on petrol. This will encourage consumers and businesses to buy vehicles including cars, motorbikes and commercial vehicles and will also give them more money to cover other motoring costs such as service and repair.
Furthermore, the RMI supports the announcements for income tax duty that will give consumers more money to spend which will in turn support the retail motor industry.
NOTES TO EDITORS:
The Retail Motor Industry represents the interests of operators in England, Wales, Northern Ireland and the Isle of Man providing sales and services to motorists and businesses. The RMI has a formal association with the independent Scottish Motor Trade Association which represents the retail motor industry in Scotland.