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The Chancellor of the Exchequer, Phillip Hammond, delivered the latest 2018 Autumn Budget on Monday, but what do the changes mean for motorists?
Trusted Dealers takes a look below at the elements of the Autumn Budget relating to motorists.
Vehicle Excise Duty to fund £28.8 billion needed for road upgrades
A budget of £28.8 billion has been created for Highways England to be spent on upgrading motorways and some of the major roads across the UK. The cash will mainly be derived from Vehicle Excise Duty (VED) – the first time road tax has been spent solely on Britain’s road network.
Up to £25.3 billion will be spent on the Roads Investment Strategy 2, termed by the Budget report as “the largest ever investment in England’s strategic roads.” The investment will cover new major roads and large local major roads, to include the North Devlon Link Road.
The spending marks a 40% improvement on the previous five year investment from the Treasury of £17.6 billion, which was used to fund the Roads Investment Strategy 1 scheme, funding work on the A1 (M), A66 Trans-Pennine route and the Oxford-Cambridge Expressway.
In addition, the government announced £150 million worth of funding available to local authorities to improve capacity at roundabouts. This will help tackle increased congestion and improve some of the busiest sections of the road network.
The Treasury will also review the impact of the new WLTP emissions test procedure on VED and company car tax, with a report due in the Spring.
VED will rise on April 1 2019 in line with the Retail Price Index (RPI)
£420 million to fix potholes and problems
Hammond has announced that £420 million will be distributed to local councils to help tackle the ever-increasing problem of potholes, which Hammond cited were “high on the public’s list of concerns.”, and to bridge repairs and other minor works within the financial year. £150 million will also go towards improving local road junctions and roundabouts.
The spending will be in addition to the existing £1.3bn highways maintenance budget and the previously announced pothole repair fund of £300 million.
Fuel duty freeze continues
It was announced that fuel duty will remain frozen for the ninth consecutive year, which has so far saved the motorist more than £1000. This means motorists will pay duty of 57.96 pence per litre for petrol, diesel, biodiesel and bioethanol fuel, 31.61 pence per litre for liquified petroleum gas (LPG), and 24.70 pence per litre for natural gas such as biogas.
Transforming cities fund extended by a year
The Government will extend its Transforming Cities Fund by a year to include 2022-23, with an extra £240 million investment for six metro mayors to spend on transport investments in their areas: £71.5 million for the West Midlands, £69.5 million for Greater Manchester, £38.5 million for Liverpool City Region, £23 million for West of England, £21 million for Cambridgeshire and Peterborough and £16.5 million for Tees Valley.
There will also be a further £440 million available to city regions shortlisted for competitive funding.
£90 million to establish future mobility zones
A further £90 million fund will go towards establishing ‘future mobility zones’ in three cities across the UK, where schemes such as self-driving vehicles can be tested. The Budget report said £20 million of this fund would be allocated to the West Midlands, but did not name the other two cities.
Electric motor technology encouraged
The Budget also includes the creation of a £1.1 billion Industrial Strategy Challenge Fund, which is designed to support development of technologies of the future. This includes up to £78 million to launch the ‘Stephenson Challenge’, which will support “innovation in electric motor technology, making vehicles lighter and more efficient than ever before.
ECAs extended for companies investing in EV charge points
The Chancellor announced plans to extend the Enhanced Capital Allowances (ECAs) for companies investing in electric vehicle charge points to 31 March 2023.