November 04, 2018 at 6:50 PM
As the latest Budget was announced by Chancellor Philip Hammond, the most significant pronouncement for UK drivers was a £30 billion contribution towards the nations’ roads, which the Chancellor called the “biggest-ever single cash investment” in the UK’s transport network. Alongside this, the Budget contained a number of important provisions for drivers, so we have highlighted the top five that you need to know.
£28.8 Billion for Roads:
The Chancellor announced that £28.8 billion has been allocated for upgrades to major roads, due to take place from 2020-2025. This represents a 40% increase in the budget of Highways England, and ministers claim that it will cut congestion, reduce journey times, and improve road safety. According to a study from Infix, time spent in congestion and traffic costs motorists an average of £1’168 each year. Thus, this injection of cash should have a big impact on drivers across the country – in road safety, reduced congestion, and financial gains.
A further £150 million has been made available to local authorities to improve capacity at roundabouts and junctions. This is said to allow better access to workplaces, high streets, and other community facilities in areas across the country. This should improve driving across the UK, and make said junctions and roundabouts safer for any driver that uses them.
The Chancellor also announced £420 million for fixing potholes, repairing damaged roads, and keeping bridges open and safe. This is in addition to the recent £300 million pothole repairs fund. Such an investment should reduce the number of potholes and damaged roads, making the roads safer for drivers, and reducing the likelihood of damage to your vehicle.
Fuel Duty Frozen:
For the ninth year in a row fuel duty remains frozen. This brings the total saving for the average car driver to over £1000, thus providing a further and ongoing boost for motorists across the UK.
Vehicle Excise Duty will be raised from 1st April 2019 in line with inflation. There are also proposals to introduce environmental incentives – although bands and rates for this have not yet been set out, further incentives for businesses to provide electric vehicle charging were announced. In addition, there are no further rises to Insurance Premium Tax – meaning stabilised costs for drivers.
The 2018 Budget seems to be good news for drivers across the UK. It indicates possible savings and frozen costs, in addition to measures that should improve road safety. Such an investment in the UK’s transport infrastructure suggests a number of developments for drivers all around the country. We are also seeing a move towards fresh incentives for those who drive electric vehicles – however, suggested reduced rates for such vehicles have not yet been implemented. Overall, in the coming years UK drivers can hope to see improved road quality, reduced congestion, and safer driving.