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SHARING ECONOMY UK REACTS TO THE BUDGET

FOR IMMEDIATE RELEASE

SHARING ECONOMY UK REACTS TO THE BUDGET

Sharing Economy UK (SEUK), the trade body for the sector, has responded to the Chancellor’s November 2017 Budget.

Richard Laughton, Sharing Economy UK Chair and CEO of EasyCar, said:

“The Chancellor has repeatedly said that Britain must be at the forefront of the technological revolution and the UK’s world leading sharing economy can play a crucial role in achieving this vision.

“Increasing support available through the Enterprise Investment Scheme and investing in digital skills were central asks of SEUK and will help many burgeoning companies in the sector to thrive. Alongside the introduction of the world’s first ‘sharing economy tax allowance’ there are some important new additions to support growth and participation in the sharing economy.

“The sector is keen to partner with HMRC to ensure that users of the sharing economy pay the right amount of tax. However, there is a risk that shifting VAT liabilities from users to platforms themselves will constrain growth and participation.”

22 November 2017

Notes to Editors:

About Sharing Economy UK

Sharing Economy UK (‘SEUK’) is the trade body championing the UK’s sharing economy industry – from the world’s most influential sharing economy businesses to innovative and industry-defining start-ups.

SEUK works closely with policymakers including the Government.It represents the sharing economy community and calls for policy changes which better protect both consumers and sharing economy businesses.

SEUK was launched in March 2015 following a Government-commissioned independent review written by Debbie Wosskow OBE, founder of Love Home Swap.In March 2017, Sharing Economy UK entered into close collaboration with the CBI, the UK’s most influential business organisation.

While SEUK maintains its name and distinct voice, the CBI provides SEUK with operational support and advises on key policy and business challenges facing the sector.

About the CBI

Across the UK, the CBI speaks on behalf of 190,000 businesses of all sizes and sectors. The CBI’s corporate members together employ nearly 7 million people, about one third of private sector-employees. With offices in the UK as well as representation in Brussels, Washington, Beijing and Delhi, the CBI communicates the British business voice around the world.

Media Contact:

CBI Press Office is available 24 hours a day on 0207 395 8239, or email: press.office@cbi.org.uk. Follow the CBI (@CBItweets) and Sharing Economy UK (@SharEconUK) on Twitter.