To strengthen freight’s operating environment ahead of Brexit, the British International Freight Association (BIFA) called for the Chancellor of the Exchequer, Philip Hammond, to do more for the United Kingdom’s freight and logistics sector in today’s new budget.
“In his autumn statement this time last year, Mr. Hammond announced plans that financial support for U.K. exporters would double through U.K. Export Finance (UKEF),” said BIFA director general Robert Keen. “That’s the sort of initiative that can fuel international trade, and our members would welcome an announcement of further support in today’s budget.”
BIFA also called on Chancellor Hammond to follow through on an outright cut on fuel duties and an increase in capital spending on transport infrastructure.
However, the Autumn budget, since released, kept the current fuel-duty freeze in place for the eighth consecutive year, rather than cutting it altogether. The U.K. industry group, Freight Transport Association, called the decision a missed opportunity, SHD Logistics reports.
Under the new budget, UKEF will also introduce a new guarantee to banks to support liquidity in the supply chain, allowing exporters better access to capital.
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