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In today’s Budget, Chancellor George Osbourne has made several announcements that directly relate to motorists. Trusted Dealers provides a breakdown below on the latest spring Budget and what it means for the future of Britain’s 30 million motorists.
Abolition of planned fuel duty increase
The fuel duty increase set for September 2015 has once again been scrapped. Osbourne previously ditched Labour’s original fuel duty calculator and replaced it with a fuel stabiliser and has frozen fuel duty on a number of previous occasions. Today, to remind voters ahead of the election, he claims the accumulated tax freezes have saved motorists £10 every time they fill up at the pump – “I want to make sure that the falling oil price is passed on,” said Osborne, who called it the longest fuel duty freeze for two decades.
Further investment for autonomous cars
The Government has today announced a new £100 million investment in autonomous car projects in the UK in a bid to keep Britain as a centre for excellence in driverless cars. The Government are responding rapidly to the emerging autonomous vehicle technology and have demonstrated today that they are keen to embrace it – a positive step for the future of motoring.
Company car tax
The Chancellor has confirmed that he will raise company car tax ‘more slowly than previously planned’ but no major changes to the annual road fund licence have been made.
Severn road crossing
In a surprise announcement, Osborne revealed that the toll for crossing the Severn toll bridge between England and Wales on the M4 will be abolished from 2018.
Neil Addley, managing director of Trusted Dealers, said; “Today’s Budget announcement delivered some strong results in terms of Britain’s economic progression and promised plenty for motorists through investment and household savings.
“The pledge to invest billions in infrastructure and transport across the country is particularly promising and will go some way towards tackling Britain’s millions of potholes that cost both motorists and councils money, as well as improving road systems and easing congestion and boosting the wider economy. However, as Ed Miliband pointed out, this is not distributed evenly across the country, despite the Chancellor’s commitment to a Northern powerhouse.
“George Osborne’s decision to cancel the fuel duty increase scheduled for September will save families an estimated £10 off a tank of petrol each time they fill up and will make a real difference for hard-working people in terms of household expenditure. I also welcome the promise to invest more in the development of low emission vehicles and driverless cars to put Britain at the forefront of vehicle technology.
“Whilst these pledges will deliver savings to Britain’s motorists, there is always more that could be done to ensure drivers get a fair deal. With just 50 days to go until the general election, it is positive to see the Chancellor pledging to these changes and I hope whoever forms the next government will continue to value the importance of British motorists and their contribution to the economy.”