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Spring Budget 2017 And Its Impact On The Uk Motorist
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It was the Chancellor Philip Hammond’s first budget and the UK people were keeping a close observation. It was anticipated with so much excitement as everyone wanted to know what the government has planned for its people after Brexit. Although, experts do not consider it as the best budget, it still affects a big deal of our present as well as future life. Today, we talk about the impact of the Spring Budget 2017 on the UK motorist. Read below to find what the Chancellor has declared for reducing urban congestion, fuel duty freeze, IPT and more.
How the Spring Budget 2017 affects the motorist?
Fund for easing urban congestion: The UK ranks as the third most congested country in Europe and events of road rage and accidents are common on these roads. The budget made special consideration for this and allotted £690 million for English councils that can leverage it through bidding. The Chancellor declared £90 million for the North and £23 million for the Midlands for facilitating transport on the UK roads.
Fuel duty freeze: Just like their fellow predecessors, this government also agreed to keep the fuel duty freeze intact for the seventh consecutive year at 57.95p. For this, the treasury allots £850 million and gives car drivers a chance to save £130 and van drivers £350 a year. Although, the Vehicle Excise Duty (VED) for vehicles would increase from April 1, the VED rates for hauliers and HGV road users will be frozen for another year. New cars purchased after April 2017 would fall under the new Vehicle Excise Duty rules.
Insurance Premium Tax: The Chancellor was tight lipped about the IPT and chose not to talk about it but, the experts suggest that the government would implement its autumn statement announcement of a 12% rise in the premiums from June 2017.
Road maintenance: The exchequer did not announce funds or schemes for road maintenance. Experts were waiting for some announcement considering the condition of UK roads and preventive measures for potholes. As the number of pothole related breakdowns has multiplied by two, people were anticipating fund for road maintenance.
Advance cars and new technology: The Chancellor announced a fund of £270 million for high tech vehicles and autonomous cars. This would be used in creating infrastructure for combating the loop holes of driverless cars.
Brijesh is a financial advisor at Freepricecompare.com and a passionate blogger. He writes on personal finance and money-saving tips. He suggests all UK motorists to compare car insurance quotes before accepting renewal quote with existing supplier. When he isn’t writing, he is spending time to find advance technique of farming and its way of applying. He also plays his guitar gifted by his father.
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