BONUS PODCAST: How The UK Budget Just Blew Up PHEVs and ICE Cars

EV News Daily - Technology and Business of EVs

Martyn Lee

Business, Leisure, Technology, Automotive

4.8 • 749 Ratings

🗓️ 3 November 2024

⏱️ 32 minutes

🔗️ Recording | iTunes | RSS

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Summary

The recent Autumn Budget, presented by Labour's Chancellor Rachel Reeves - the first female chancellor to present a budget in a red box - introduces significant changes to vehicle taxation and incentives in the UK.

The proposed changes are part of broader efforts to incentivize the transition to zero-emission vehicles as part of the government's environmental objectives. These modifications extend tax benefits for fully electric cars while increasing tax liabilities for other vehicle types like PHEVs and combustion cars.

➤ COMPANY CAR TAX BENEFITS
➤ VEHICLE EXCISE DUTY (VED)
➤ IMPACT ON HYBRID VEHICLES - TAX RATE INCREASES
➤ BUSINESS FIRST YEAR ALLOWANCES
➤ CONVENTIONAL VEHICLE CHANGES
➤ DOUBLE-CAB PICK-UP CHANGES
➤ BUSINESS SUPPORT AND INCENTIVES TAX ALLOWANCES
➤ LONG-TERM GOALS AND TARGETS

Transcript

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0:00.0	Welcome back to Even News Daily and welcome to a special bonus podcast edition at the weekend.
0:04.7	I'd love to do these whenever I can.
0:06.4	And that's put together something about a single topic.
0:09.4	Now, this week, the UK had its autumn budget, which would normally be a rather dry fiscal affair that I'll catch up in the news a few days later.
0:17.7	However, electric vehicles were a really big part of our budget, the first budget
0:21.9	presented by the new Labour government in something like 14 years, and the first ever budget
0:26.9	presented by a female Chancellor of the Exchequer. Her name is Rachel Reeves, and so notable,
0:33.0	but EVs were a really big part of it. Now, a few of your fellow listeners have reached out to me
0:37.2	via email over the last few days. fellow listeners have reached out to me via
0:38.0	email over the last few days. I've had questions asked to me about what do I think about the
0:42.4	increased tax on electric vehicles? Do I think that there should be pay per mile systems? Because
0:47.6	obviously, EVs don't pay tax at the moment, or road tax VED, as we're meant to call it. And so,
0:53.2	what's the fairest way to do it? And do we think
0:55.2	that we should have incentives like the United States with the Inflation Reduction Act that gives
0:59.7	$7,500 off the purchase price of a new car? We just don't get any money off a car unless it's a
1:07.9	van. The plug-in van grant still exists in this country. So we don't get any
1:11.8	money off a new EV. That's all long gone. So I thought, you know what, at the weekend, I'll put
1:16.8	all of my thoughts together in a sort of 15, 20-minute show. Tell you what happened this week in the
1:22.2	budget in case you missed it. And if you're not listening in the UK, feel free to turn off now because it doesn't directly affect you. But maybe it does. Maybe you can hear some of the things that we're doing
1:29.9	in this country that would work well in your country. And maybe you've got some things in my
1:33.6	Norwegian listeners, for instance, would say, hey, this really worked well over here to get us
1:37.6	the 95% EVs of new car sales. Maybe you could try that in your country. So I'll run through what happened, some of the
	...

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