Budget statement from James Tew, CEO, iVendi:
“With the used car market in reasonably strong health and yesterday’s figures showing that the new car market had its best February for 20 years, it’s probably unlikely that the government was ever going to provide any new forms of support for our sector in this Budget, even if there are various voices asking for more help during the process of electrification. Really, the bigger issue is the general state of the economy and there was little here to change the view that has developed over recent months. While the reduction in National Insurance might make a few people more likely to swap their car, the truth is that we appear to be in the middle of a long period when growth is flatlining, and general consumer and economic confidence is similarly, largely in check. Whether the general election later this year will start to change that situation and bring a degree of optimism is an unknown.”
