Reeves may put brakes on Cycle to Work scheme

CHANCELLOR Rachel Reeves could slam the brakes on the Cycle to Work scheme at the upcoming Budget in a blow to City commuters, it has been reported.

- MAURICIO ALENCAR

Chancellor Rachel Reeves

(Jordan Pettitt)

The Chancellor is expected to cut tax benefits on salary sacrifice schemes, including in the buying of expensive bikes, according to a report in the Financial Times.

"Cycle to Work should be about helping ordinary commuters switch to greener travel, not giving tax breaks to high earners buying £4,000 e-bikes for weekend rides in the Surrey Hills," a UK Government official briefed the Financial Times.