How The 2017 Budget Affects The Motorist
Do you ask yourself How The 2017 Budget Affects The Motorist.Greater protection for consumers and investment in automotive R&D budgets, including those for driverless cars, formed part of Chancellor Philip Hammond’s 2017 Budget.
Terms and conditions for finance and insurance contracts will be simplified as part of Government plans to protect consumers from unexpected fees and clauses. Consumer bodies will also be given greater enforcement powers under proposals due to be outlined in full later this year.
Hammond said: “These measures will boost incomes and help budgets stretch further. Sometimes it can feel like the dice are loaded against ordinary people going about their everyday lives.”
He also announced £270 million to keep Britain at the forefront of “disruptive technology” like driverless cars and robotics while £16m has been set aside for a 5G hub – a key part of connected vehicles.
A competition for £690m will also be launched for local authorities in a bid to aid urban congestion. A further £90m was handed to the north for transport projects along with £23m for the Midlands – part of the pinch point fund announced at the 2016 Autumn Statement.
Hammond said: “We must keep Britain at the cutting edge of the global economy. We want Britain to be the best place to start and grow a business.”
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Fuel duty and VED car tax How The 2017 Budget Affects The Motorist
Previous Tory Governments under control of Prime Minister David Cameron and Chancellor George Osborne froze fuel duty seven consecutive times – the longest in 40 years. And Hammond followed this path by confirming it wouldn’t rise for 2017.
Fuel duty is currently set at 57.95p per litre with HM Treasury receiving a further 20 per cent through VAT, meaning with each fill up arond 65 per cent of the price goes back to Government coffers. Vehicle Excise Duty rates – which change from 1 April – will be frozen with the HGV road user levy, the Chancellor confirmed.
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Diesel scrappage scheme How The 2017 Budget Affects The Motorist
There had been rumours before the Budget that a diesel scrappage scheme would be introduced to improve air quality across the UK but this was missing from Hammond’s announcement.
However, Prime Minister Theresa May did admit the Government would be looking to formulate a new clean air strategy in the future and didn’t officially rule out a scrappage scheme when quizzed by MPs.
It was Hammond’s first Budget statement and crucially the first post-Brexit. It’ll also be his last after he confirmed last year that the Budget and Autumn Statement would be scrapped and combined into one central Treasury announcement in October each year.
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How The 2017 Budget Affects The Motorist