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Budget comment 4 – Siemens Financial Services

Good afternoon,

With regards to today’s Budget speech, I have a quotation from the director of Siemens Financial Services which I thought you might be interested in.

Darling claimed that “we need to do more to reduce the amount of carbon generated at home and at work” and that “car manufacturers needed to be encouraged to bring new technology to the market”. He therefore announced: “I am also reforming capital allowances for business cars to increase the incentive to move to lower emitting cars.” But is that enough?

Rod Tonna-Barthet, Director, Siemens Financial Services, responds:

“If the Government is to achieve its much vaunted 60% reduction by 2050 (which could rise to 80%) it has to address more than just business vehicles. Our research has shown that cost is the biggest obstacle to UK business investment in low carbon emission equipment. In widening capital allowances to all business assets – IT, telecoms, plant, machinery, etc. – not only will businesses invest, but manufacturers will be better encouraged to develop new products.”

Please feel free to use the quote as is. Should you require further information, or an interview with Rod Tonna-Barthet, please get in touch.

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