The Chancellor Philip Hammond unveiled the autumn statement this lunchtime and brought welcome news for the transport sector, drivers and Britain’s roads.
An additional £1.1 billion has been pledged to infrastructure spending across the United Kingdom in the hope of improving traffic flow and reducing journey delays. An extra £220 million has also been put forward to address specific traffic points on strategic roads.
£1.8bn will come from the Local Growth Fund that will target infrastructure projects in various regions, including major schemes in the north.
Given that fuel duty has been frozen for the seventh consecutive year, van drivers can look forward to an average saving of £350.
Other notable announcements include the tightening of regulation around whiplash claims, which could save consumers an average of £40 per insurance premium.
It is expected that more statements on road investment will be made by the Department for Transport before 2017.
Away from transport and road oriented budget news, Hammond delivered a shock notification that the future Autumn Statement will be scrapped. Moving forward, there will only be one budget overview per year, which contains major tax and spending changes.
On reviewing today’s statement, Peter Millichap, Director of Marketing at Teletrac Navman said:
“We welcome the Government’s commitment to additional infrastructure spending on Britain’s roads. Greater investment is required throughout the UK’s road network to improve traffic flow and reduce journey delays, which represent a significant cost to businesses.
“Better roads, supported with ever-improving telematics technology and fleet tracking, mean day-to-day journeys will be easier, safer and more efficient for all road users.
“However, the Department for Transport must clearly set out where this spending will be targeted and when, to ensure urgent road improvements are not delayed unnecessarily.
“The cancellation of next year’s fuel duty rise will also have a positive impact on the UK’s fleets, and will allow them to invest further in technology to improve their business performance.”