OVL Lease Blog

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Budget 2018 – Key points for motorists

30/10/2018

Budget 2018 – Key points for motorists

Chancellor Phillip Hammond has delivered his third budget this week, during which he announced a significant investment into the road network within the UK.

Here are the key points that are relevant to motorists in the UK. 

Road repairs and upgrades

A £30 billion package will be used to upgrade England’s roads, which include repairs to motorways, and upgrades to major roads. Most of this, (£28.8 billion) will be used to upgrade England’s roads, with £25.5 billion being allocated to Highways England for road upgrades between 2020 and 2025, and a further £3.5 billion being allocated to major local routes, which fall under the remits of local councils.

Potholes

In addition to this, Hammond also confirmed that he will allocate £420 million to councils, to “fix potholes, bridge repairs and other minor works”, this will be in addition to the previously announced pothole repair fund of £300 million. Hammond stated that “potholes are high on the public’s list of concerns”, however some experts including AA president Edmund King, believe that a much more significant investment, (£9 billion) would be required to fix potholes on local roads, and that a quarter of a million is only enough to “paper over the cracks”. 

Fuel duty 

It was also confirmed that for the ninth straight year, fuel duty will be frozen, so therefore the tax on petrol, diesel, biodiesel, and bioethanol fuel has been capped at 57.95p per litre. Hammond stated that the nine-year freeze has saved the average motorist more than £1,000, and the average van driver £2,500. 

Electric motor technology fund

The Budget also includes the creation of a £1.1 billion Industrial Strategy Challenge Fund, which is designed to support development of technologies of the future. This includes up to £78 million to launch the 'Stephenson Challenge', which will support "innovation in electric motor technology, making vehicles lighter and more efficient than ever before."