The Chancellor George Osborne has recently revealed his Budget for 2016 and we have some points of interest.
For a sixth year in a row fuel duty will be frozen with the Chancellor stating “I know that fuel costs still make up a significant part of household budgets and weigh heavily on small firms”.
This freeze should save drivers £75 a year and a small business van £270 a year which he claims will be a ‘tax boost that keeps Britain moving’
The budget includes a freeze on rates of VED (vehicle excise duty) and the Road User Levy for larger trucks and good vehicles.
The government has pointed out that it is aware of the link between low fuel prices and economic growth thus the freeze means the average small business with a van will save £12 on each tank in comparison to pre 2010.
Low Emission Funding
The government Office for Low Emission Vehicles will also be provided a £38 million in grants, this will be matched by the private sector, which will go towards research and development into new low emission technology across the UK.