How the 2020 Budget may impact car users
Chancellor Rishi Sunak has announced a range of policies which may effect road users.
Amongst other policies such as: freezing duties on spirits, beer, cider and wine, the tax threshold for National Insurance Contributions rising from £8,632 to £9,500 and a number of measures to make the environment greener, the car industry has also been involved in a number of initiatives.
One policy which will delight road users is fuel duty being frozen for a tenth successive year. The freezing of fuel duty saw Mr. Sunak declare: "Compared with 2010 plans, that is a saving of £1,200".
Sunak went further in a bid to improve the environmental situation by investing in electric vehicles. Sunak announced in his Budget speech: "As well as taxing pollution, we will invest and cut taxes on clean transport.
"We are introducing a comprehensive package of tax and spend reforms to make it cheaper to buy zero or low emission cars, vans, motorbikes and taxis."
The new chancellor continued: "and we are investing £500 million to support the roll-out of new rapid charging hubs, so that drivers are never more than 30 miles away from being able to charge up their car. Taken together, this Budget invests £1 billion in green transport solutions."
Speaking about the new policies and initiatives, Mike Hawes, chief executive at The Society of Motor Manufacturers and Traders (SMMT) stated: "we are pleased to see the Chancellor find room in his Budget to help make zero emission motoring a more viable option for more drivers – essential if we are to begin to meet extremely challenging environmental ambitions.
"The continuation of a plug-in car grant is an essential step in the right direction and, alongside the removal of the premium car surcharge on VED and reduction in company car tax for these vehicles, as well as a strategic review of national charging infrastructure requirements, should help encourage consumers and support the beginnings of a market transition."
He added: “Of course, much more needs to be done to maximise the opportunities as we transition the UK market and industry to new technologies, and the promised spending review will be a crucial moment for government to set out a long term vision for transport decarbonisation and industry investment in the UK.”
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