Lord Chancellor Philip Hammond has given his Autumn Statement to parliament. This is how it will affect drivers:
1. The fuel duty rise had been cancelled for the seventh year in a row meaning that the average car driver could be saving £130 a year and the average van driver saving £350 a year.
2. Insurance Premium is being raised from 10% to 12% from next June however according to Chancellor Hammond new legislation being brought out in 2017 to end compensation culture will save an average of £40 a year in insurance Premium.
3. £1.1 billion is going to be spent on English local transport networks, with £200 million set to be spent on traffic pinch spots on strategic roads and £300 million on the development of low emission and autonomous vehicles. This includes more electric vehicle charging points.
4. Cuts to salary sacrifice schemes have been made resulting in employees who are switching salary for benefits now having to pay the same tax as the majority of other individuals who have bought cars after post tax income.
5. However these cuts to salary sacrifice schemes won’t affect those with ultra-low emission vehicles with CO2 emissions below 75g/km.
Article Written by Leah Nelson