What does the 2018 budget mean for motorists?
The UK Government's 2018 Budget has been delivered and it contained plenty of interesting details for motorists. The proposals unveiled in the House of Commons, include £30 billion of investment in the English road network.
Here's a brief rundown on how it will affect motorists:
- VED to fund £28.8 billion pot for motorway and major road upgrades - Phillip Hammond has created a £28.8 billion fund for Highways England to spend on upgrading and maintaining motorways and other major roads. VED will rise on April 1st 2019 in line with the Retail Price Index (RPI). Hammond also said that the Treasury will review the impact of the new WLTP emissions test procedure on VED and company car tax, with a report due in the Spring.
- Road repairs: £420 million to fix potholes and problems - Hammond has confirmed that he will distribute £420 million to councils to "fix potholes, bridge repairs and other minor works in this financial year". He had also earmarked £150 million for improving local road junctions and roundabouts.
- Fuel duty frozen for ninth consecutive year - It was previously announced, but Hammond has confirmed that, for the ninth straight year, fuel duty would be frozen. That means motorists will pay duty of 57.96 pence per litre for petrol, diesel, biodiesel and bioethanol fuel, 31.61 pence per litre for liquefied petroleum gas (LPG), and 24.70 pence per litre for natural gas such as biogas. Hammond said the nine year freeze has so far saved the average motorist more than £1000.
- Transforming cities fund - 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 Trees Valley.
- 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".
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