Motor industry gives a cautious welcome to pre-budget statement

27 November 2001 #SMMT News

The motor industry today welcomed the Chancellor’s Pre-Budget

statement but remains cautious until further analysis of the detail.

The industry is pleased that the volume related tax credits

for research and development work have been granted. This will encourage companies

to invest in what is already a significant part of the UK automotive industry.

Manufacturers are keen to contribute to environmental consultations

announced this afternoon on vehicles, fuels and green technologies, which provide

real incentive for innovation.

The Chancellors announcement for the road haulage sector will

provide a long awaited level playing field for this hard pressed sector of industry.

* * * * *

Note to Editors

There are 3.2 million commercial vehicles in

the nation’s road transport fleet. Some 500,000 of these are heavy trucks (over

7.5 tonnes). The operators of these heavy trucks should see most of the benefit

from the proposed VED reforms.

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