A budget cap is expected to be imposed on the Cycle to Work scheme in the upcoming Budget, it has been reported.

The scheme, launched in 1999, allows people in the UK to save tax on bikes by 'loaning' them from their employers, allowing prospective cyclists to save up to 42% on the cost of a full price bike, with payments automatically deducted from their salary.

On Thursday, the Financial Times reported that the chancellor, Rachel Reeves, is expected to limit how much someone could spend on a bike through Cycle to Work, after speaking people at the Treasury. You may like

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