Third of UK car buyers hold out in hope of incentive scheme

One in three potential car buyers in the UK is putting off a purchase in the hope of a government incentive scheme in the coming months, according to a survey.

The findings from What Car?, a consumer magazine, give credence to industry fears that public confusion over the potential for government support is holding back sales at a time when showrooms need to drum up business to support recently reopened factories.

Chancellor Rishi Sunak is expected on Wednesday to set out measures to boost the economy as the country tries to recover from the pandemic, including help for industry and green housing.

But there is confusion over whether there could be an incentive or scrappage scheme to promote the purchase of new cars, despite the FT reporting last month that such a programme had been considered and was “very unlikely”.

In a regular weekly survey of 6,000 people by What

Read More

Coronavirus: Treasury axes plan for emergency supply chain finance scheme | Business News

The Treasury has ditched plans to introduce another emergency coronavirus funding scheme that would have targeted billions of pounds of public money at providers of supply chain finance.

Sky News has learnt that ministers have decided against proceeding with the programme after concluding that it “would not be likely to bring sufficient benefits to UK businesses, particularly SMEs”.

The decision comes two months after it asked banks and supply chain financiers for feedback on a scheme to accelerate payments to cash-starved small businesses.

Big players in the supply chain finance sector include specialists such as Greensill, which counts the former prime minister, David Cameron, as an adviser, Orbian and Prime Revenue, as well as mainstream banks including HSBC and Lloyds Banking Group.

Under plans that were considered by the Treasury and the Bank of England, the Covid Corporate Financing Facility (CCFF), which was set up to buy commercial paper from

Read More

University lecturers’ pension scheme USS plots broadband bid | Business News

Britain’s biggest private pension scheme is plotting a bid for a big stake in an ultrafast broadband provider, amid a government-inspired rush to invest in new high-speed communications networks.

Sky News has learnt that the £75bn Universities Superannuation Scheme (USS), which safeguards the retirement savings of many thousands of university lecturers, is among a number of parties considering buying shares in G.Network.

G.Network to looking to secure funding in order to accelerate its expansion

USS’s bid is at a relatively early stage, but would fit within a portfolio of infrastructure investments it has made as it hunts assets to deploy capital into for long periods of time.

Sources said the universities pension scheme was not in exclusive talks and was one of a number of interested parties.

G.Network, which is privately owned, is working with Rothschild to secure hundreds of millions of pounds of new funding in order to

Read More

Coronavirus: Car scrappage scheme would help drive recovery – CBI | Business News

The UK’s largest business lobby group has urged the Prime Minister to include a car scrappage scheme among his priorities for the UK’s post-coronavirus economic fightback.

In a letter to Boris Johnson, CBI director general Dame Carolyn Fairbairn says that job creation and skills training for young people should be at the top of the government’s agenda – along with investment in the green economy.

Her proposal for a “time-limited” scrappage scheme for both diesel and petrol-powered vehicles chimes with a report on Monday that the PM is preparing incentives for motorists to switch to electric cars.

Plans to ban all non electric cars by 2035

The Daily Telegraph reported that the government was set to announce next month that drivers could receive up to £6,000 in return for taking their old vehicle off the road to boost the environment.

Such a scheme could well be the tonic the car

Read More