The UK government’s move to scrap the car parts levy has been hailed as a win for consumers and for the economy.

The government’s new plan will save the UK a further £1bn in 2017/18, according to a government report published on Thursday.

While the scrapping of the levy, which was introduced in 2015, was widely seen as a good idea, it was met with widespread opposition from business, particularly car manufacturers.

“It is important to note that the introduction of the car and light parts excise is not about cutting the deficit,” a spokesperson for the Office for National Statistics said.

“It is about cutting costs by removing the incentive to buy or lease new vehicles.”

The scrapping and other measures that we have put in place will support the economy and ensure that businesses are able to invest more effectively and affordably to invest in new technologies, new processes and new products.

“This will allow businesses to invest and grow while continuing to make the UK’s roads, bridges and railways the safest and most secure in the world.”

“The Government is committed to providing support to businesses and consumers through the introduction and maintenance of car and vehicle parts.

It is also in the public interest to protect jobs and protect our environment,” the spokesperson added.

In its announcement, the Office of National Statistics noted that “vehicle parts prices have continued to fall” in recent years, particularly in the UK, Germany and other markets.

However, the spokesperson said that this is not the case in other countries, where car parts prices are higher.

For example, the UK is the only OECD country where the average price of vehicle parts has increased by more than 2 per cent in the past decade.

A spokesperson for one of the biggest car manufacturers in the country, Ford, said the scrappage of the levies would have “an adverse impact” on their business.

“Our competitors will be hit by this move as we see the impact of the scrapper in our market, and the cost of parts dropping to a point where it will no longer be affordable for our customers to buy,” the company’s spokesperson told Business Insider.

“This is not something that we would support in any circumstances.”

We are confident in our existing plans and will continue to support the Government’s plan to support UK businesses through the reintroduction of the excise levy.

“As a result of this decision, the government has reduced our tax liability by £1.5bn over the next five years.”