Take Outs From The Budget

Last week Chancellor George Osbourne delivered his sixth budget, described as a budget that “works for you”. With the announcement of new measures including the ability to trade in pension annuities, help for first time buyers and a beer duty cut of 1pence, everything looks quite rosy for savers. But what about the business industry, and more specifically, logistics?

Well, George Osbourne announced an extended freeze in fuel duty in order to shield drivers from some of the impacts of volatile fuel prices we’ve seen over recent years. This will be welcome news to not only the transport and logistics sector but ordinary households too, who can now spend more on online shopping (amongst other things).

More importantly, it was announced that in order to tackle the current shortage of Heavy Goods Vehicle (HGV) drivers, a review of driving tests and medical assessments for drivers would be put into effect.  The government intends to work with road haulage firms on an industry led solution, including looking at the right level of access and funding support for training.

In addition, Mr Osborne also announced that the unemployment forecast is down to 5.3% this year. Furthermore, ONS Labour Market Statistics revealed that 1,345 HGV drivers who were claiming Jobseekers Allowance in February 2015 was down 56.6% from a year ago when 3,100 were signing on.

So, whilst there are no substantial effects on the logistics industry, the issues which have been tackled by the chancellor are surely a sign of the industry moving in the right direction and will ultimately benefit the logistics and transport industry.

27th March 2015