Autumn Statement – what does it mean for motorists?
Costs are generally going to go up, let’s face it. IPT (That’s insurance premium tax) rises 2%, which sticks an extra 2% on your renewal next year. Low road tax incentives for new vehicles are dropping out more and more, and the government has removed many tax breaks available to employees via workplace salary sacrifice schemes, which had allowed employees to obtain new vehicles via a company car mechanism. Fuel duty remained frozen again, which does at least not increase prices at the pump, but prices are sensitive to any weakness in the pound. In the current volatile market, expect pump prices to rise over the year anyway. However, it’s good news if you want to buy an ultra-low emission vehicle. There’s a lot of new investment into the charging...
