Budget 2015 – news for motorists
Amid the carefully-planned leaks, news about how the budget will affect motorists has been scarce, maybe because drivers were not high on the list of priorities for the Chancellor.
Now that the cat is out of the bag, here is an overview of what today’s announcements mean for British drivers:
• The main sound-byte sees the fuel duty increase, scheduled for September, being cancelled. It seems as though VED (road tax) rates will continue to rise, in line with the Retail Price Index.
• The automotive industry has been pledged £100 million for the continued development of driverless technology. Further funding has been promised for the “Internet of things”, which is likely to benefit the automotive industry.
• A reduced rate in the increase of company car tax has been announced for ultra low emission vehicles, with non-qualifying types rising to 3% in 2019/20.
• The Severn crossing’s toll is to be cut from 2018, which the Chancellor stated will benefit for White Van Man, although it, obviously, will save other motorists money, too.
However, the devil is in the detail and we wait to hear more from the Budget’s fine print, as it becomes available.