Government set to announce £2000 payment to scrap old cars
In a move which has been rumoured for many months but has yet again been delayed by the UK government there are signs today that Alistair Darling will announce the new £2000 payment scheme to scrap old cars and offer discounts on new more environment friendly vehicles. A similar scheme is in operation in other countries throughout Europe and has proven to be very successful, something which the UK government is determined to follow.
In simple terms, those who choose to scrap their old environmentally unfriendly vehicles will receive a £2000 allowance which they can use towards the purchase of a new or nearly new vehicle. The authorities hope this will not only rubberstamp their green credentials but also revitalise the UK motor industry at a time when manufacturers and sales rooms are struggling. Whether it is too little too late remains to be seen but the scheme will no doubt catch many headlines over the coming months.
However, whether is this a scheme which should be introduced in the middle of a recession is very much open to debate as it is unclear at this moment in time exactly how many of the UK population would be able to partake. Let's not forget that even though there will be a £2000 allowance to be used against the purchase of a new or nearly new car, consumers will still need to find significant funding to cover the balance.
Share this..
Related stories
David Cameron hits his first brick wall!
The coalition government's insistence that free school meal entitlements in England will not be extended, as suggested by the Labour Party, has not gone down well with poverty campaigners. The scheme which was introduced by the previous Labour government would have seen a further 500,000 families in the UK entitled to free school meals at a time when poverty is all around. While the UK govern...
Read MoreHigh street sales drop 0.4%
Retail sales fell in the UK last month, Office for National Statistics (ONS) data revealed today.The official figures showed a 0.4 per cent decline on the month, better than analysts' predictions of a 0.9-one per cent fall.August's sales total was also revised, to a 1.1 per cent rise.This means that the annual sales growth now stands at 1.8 per cent, down from 3.3 per cent in August.Gavin George a...
Read MoreLloyds bank set to disinvest stake in esure
Lloyds bank has today revealed plans to sell off its 70% stake in esure at a price which is believed to be in excess of the current book value of £185 million. It is believed that Peter Woods, co-founder and chairman of esure, is to acquire the stake via a new holding company. Those who follow the insurance market may be aware that Peter Woods, originally famed because of his Direct Line insuranc...
Read MoreLondon hedge funds call for change in European Law
London hedge funds are today campaigning against the European Union's Alternative Investment Fund Managers Directive which they believe could lead to thousands of job losses in the City of London. Since being introduced some months ago the Alternative Investment Fund Managers Directive has undergone a record 1,200 amendments which it is believed will impact enormously upon the UK financial sector....
Read MoreMarks & Spencer set to announce new 20% discount day
In a sign of the times, it has been announced that Marks & Spencer is set to hold a further 20% discount day in order to attract business as the consumer starts to disappear from the UK high street. This is the latest in a number of large-scale giveaways on the high street orchestrated by a number of the major retailers in an attempt to try and attract the attention and money of UK consumers.
Read More