Did you have something more exciting planned than to sit and listen to George Osbourne’s 2015 budget? Don’t panic, we’re on hand to keep you up to date with all the key news both good and bad for your car and your bank balance!
Things have started to look up for the motorist of late. Lower oil prices have resulted in cheaper fuel and a substantial pledge of funds to improving the general state of our roads will mean more comfortable journey’s but was all this a smokescreen for the damaging news Osbourne was to deliver in his budget?
It has been widely reported that motorist costs was one of the focal points in the budgets agenda and we weren’t disappointed.
So, to kick things off, Osbourne has retracted his statement from last year’s autumn budget stating a rise in fuel duty was set for September. With this postponement the Chancellor of the Exchequer has stated it is the longest freeze of fuel duty in twenty years and anticipates that the average driver will make a very welcome saving of £10 per fuel tank, sounds like good news to us!
With an advanced road network and more than 35 million cars registered in the United Kingdom, the automotive industry is a vital part to our economy and the latest budget has recognised being at the forefront of pioneering technology is crucial to help continual growth. With £100 million dedicated to investing in the latest technologies such as driverless cars and increased connectivity between car to car and car to infrastructure we are guaranteed to reap the benefits on our roads in the not-too-distant future.
In slightly more disappointing (although expected) news the budget has declared that Vehicle Excise Duty (Car Tax to you and I) will increase with the rate of inflation from April 1st, although good news for those of you with classic cars as cars registered before January 1st 1976 will be exempt.
Back to the good stuff and if you’re a business owner keep your eyes peeled! For company cars from 2019-2020 the ultra-low emission vehicles will increase but at a slower rate than was previously stated.
Although there are no promises yet the government have also indicated they may introduce cheaper petrol rates for those living in remote areas whilst if you’re a frequent commuter between the Wales and England border you’ll be delighted to know that the Severn bridge toll is set to be reduced from 2018!
So the outlook appears positive for the many UK road-users but has George Osbourne done enough to protect us from soaring costs?