Government mulls reform of long-haul air passenger duty to balance domestic cut March 23, 2021 The government has today kicked off its consultation on reforming the air passenger duty (APD) tax regime as part of its so-called “tax day”. Ministers are looking to change the current structure of the tax to improve intra-UK travel links without compromising its 2050 net zero emissions targets. As was previously announced, it will consider [...]
Airline shares sink on new law threatening £5,000 fines for holiday travel March 23, 2021 Airline shares sink on new law threatening £5,000 fines for holiday travel
Ministers must set out 30 year rail electrification plan, MPs warn March 23, 2021 The government needs to lay out a 30 year plan for electrifying the UK’s rail network if it is to hit its climate targets, MPs have today warned. A new report from the Transport Select Committee argued that the government should commit to a programme of rolling electrification projects over the next three decades if [...]
TfL accepts emergency funding extension until May March 22, 2021 Transport for London (TfL) has this morning agreed to an emergency seven week extension to its current funding deal to keep it going amid the pandemic. The transport network had been hoping to strike a long-term funding agreement with the government to begin fixing its finances, but last week transport secretary Grant Shapps pulled the [...]
British Airways owner IAG tops up survival bond issue to €1.2bn on increased demand March 18, 2021 British Airways owner IAG increases survival bond sale to €1.2bn on increased demand
Government offers extension of emergency TfL funding deal until May March 18, 2021 The government has today offered to extend its emergency funding deal with Transport for London (TfL) until May, ensuring that services will be able to continue running. The proposed deal would be TfL’s third bailout in the past year, after the body’s revenue plummeted by more than 90 per cent last March during the first [...]
Reducing TfL service levels risks ‘cycle of decline’ in capital, ministers warned March 18, 2021 Forcing Transport for London to reduce service levels as part of its new bailout package could hamper the capital’s recovery from the pandemic and instigate a “cycle of decline”, a group of London business leaders has said. It came as the transport network warned that it had no more mega-projects planned after current works are [...]
Ministers slash electric car grant by £500 despite upcoming petrol ban March 18, 2021 The government has today cut the electric car grant from £3,000 to £2,500, prompting cries of disbelief from the auto and energy industries. From today, customers buying cars which cost less than £35,000 will be eligible for the grant. Those buying cars above this price will receive no subsidies. Ministers said that this was because [...]
National Express careers to £380m loss as pandemic forces emergency stop March 18, 2021 Coach firm National Express this morning reported a £381.4m operating loss for 2020 as the pandemic drove its vehicles off the road for months at a time. The FTSE 250 company saw passenger numbers plunge 80 per cent when last year’s initial lockdowns struck, sending profit and revenue tumbling. For the full year, it swung [...]
Car dealer Lookers predicts small profit after 2020 turbulence March 18, 2021 Car dealership Lookers this morning said that it was expecting a full year profit of £10m for 2020, beating analyst expectations of a small loss. Shares in the firm rose 5.4 per cent as markets opened this morning. In an update, the FTSE 250 firm said it was still working on its full accounts for [...]