Autumn Budget 2024

The Autumn budget was announced 30th October 2024, what does it mean for the commercial vehicle world?

Here is a brief summary…

Fuel Duty: Fuel duty might go back up to 58p per litre, which could make filling up diesel and petrol vehicles a bit pricier. It’s a good time to think about fuel-saving tactics or even consider switching to more efficient or electric options if you’re looking to manage long-term costs.

Electric Vehicle (EV) Updates: Starting April 2025, EVs over £40,000 will lose their Vehicle Excise Duty (VED) break, adding a bit to ownership costs for premium models. On the plus side, the government is investing in more EV charging points across the UK, making it easier for those with electric fleets to keep their vehicles charged and ready to go.

Double Cab Pickup Classification: Double cab pickups with a one-tonne payload will still be classed as "goods vehicles" rather than "cars," meaning they’ll keep their favorable tax treatment. This is great news for businesses that rely on these vehicles for daily work.

Zero Emission Vehicle (ZEV) Mandate: The government’s ZEV mandate now requires 10% of new vans sold this year to be zero-emission, aligning with the shift toward more sustainable fleets.

Minimum Wage Increase: In April, the minimum wage will rise by 6.7% to £12.21 an hour, which might affect payroll costs for teams with hourly employees.

(Sources: Raconteur, GOV.UK, Financial Times).