The Autumn Statement; What Does it Mean for Drivers?
Philip Hammond this week detailed out his first Autumn statement as Chancellor. We look into what it means for drivers, what you need to know and the reaction to it.
Fuel duty is frozen for the seventh year running
More investment to local transport networks in England
Investment into low-emission vehicles
An increase in insurance premium tax
A bigger crackdown on fraudulent whiplash clams
Fuel Duty Frozen
Fuel duty has been frozen at 57.95p per litre of fuel sold.
More Investment into local transport networks
£1.1 billion will be given to local transport networks in England, with a further £220 million towards the improvement of specific problem areas, such as pinch points. Road investment overall totals £1.3bn.
Focus on the future of vehicles
Hammond pledged £390m would be invested into low-emission vehicles, creating funding for more electric vehicle charging points and allowing the UK to become more competitive globally on electric cars and autonomous vehicles.
Rising insurance costs
Something that has come as a huge disappointment to many drivers that are already feeling the pinch of the economy is that Insurance premium tax (IPT) will rise from 10% to 12%. Drivers will have experienced three rises in two years.
British motorists will be positively impacted by insurance premium drops if more thorough checks are rolled out to review whiplash claims. What might stand in the way of these savings being passed directly onto the insured driver is the increase in IPT that the insurance provider will have to absorb, so watch this space.