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Chartered Institute of Logistics and Transport CILT Budget Update

What the budget means for our profession

Here’s your Institute’s selection of budget speech highlights which affect our profession:

Passenger Transport

The sale of High Speed 1 was reconfirmed

The upgrade of the Tyne & Wear Metro also confirmed

The extension of the Manchester Metrolink gets the go ahead

The redevelopment of Birmingham New Street station is also on track

Improvements to the rail lines to Sheffield and between Liverpool and Leeds are given the green light..

Government also announces a large Regional Growth Fund to provide finance for regional capital projects over the next two years.

Road

No increase in tax on fuel

The Government is examining the impact of sharp fluctuations in the price of oil on the public finances, to see if pump prices can be stabilised.

It will also ‘look at whether a rebate for remote rural areas could work’.

Aviation

The Government is looking at how to dispose of its shareholding of NATS, the air traffic control services.

It will explore changes to the aviation tax system, including switching from a per-passenger to a per-plane duty, and consult on major changes that will help reduce our carbon emissions, says the Chancellor.

Maritime

It was also announced that there will be measures to cancel certain backdated business rates bills, including for many businesses in ports.

General

In addition VAT will rise from 17.5% to 20%, corporation tax will be cut every year by 1% for four years and small companies’ tax rates will be cut to 20%.

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