Paul Burgess, CEO, said:
“For the retail motor industry and motor finance specifically, this is a relatively benign Budget without any moves that will either noticeably boost or harm prospects. Really, it’s hallmark is an extremely measured approach, as seen in the decision to extend the energy price guarantee by three months in order to not worsen the cost of living crisis. The economy is performing just a little better than expected at the end of last year and there seems to be a mood of gently trying to ensure that trend continues, with great store placed on avoiding recession.
“It’s important to remember that it is only seven months since the fated mini-budget and this is a Budget very much about being seen to make no sudden, dramatic moves and convince onlookers that the Sunak administration is one that is, above all else, fiscally responsible. Recent news about bank collapses in the US and the plight of Credit Suisse does raise the possibility of more unanticipated shocks hitting the economy, so this cautious approach is perhaps understandable, even if there is a strong argument for a more strategic and proactive approach on growth than the measures the Chancellor revealed.”
