Later today George Osbourne will deliver his 2016 UK Budget, and drivers are now anxious as to what is in store for them. While they have escaped high tax increases over the past year or so, this year could be different, as there are concerns that fuel duty and Insurance Premium Tax could increase once again.
We knew it was too good to be true to see the cost of fuel falling, and Osbourne knows that the easiest way to find an extra few hundred million is to add 1p to 2p on a litre of fuel. If this does happen, this will be the first time in five years that the tax on fuel has risen.
There is still a good chance that he could freeze the tax on fuel because he has come under increased pressure from backbenchers – although we know that he has to keep some favour with the public seeing as though the Conservatives are not too popular at the month because of their poor decisions with the NHS.
Autocar believes that another easy way for the chancellor to get some extra revenue in is to increase the Insurance Premium Tax from 9.5% to 12.5%. What would make this an unpopular move is the fact that it was already increased to 9.5% from 6% in November.
Something else that could be discussed during today’s budget is the trial of fully autonomous cars on UK roads in two years time. Osbourne will have to outline his plans in detail because it will be a huge undertaking, but it’s something the UK Government needs to do in order to keep up with the likes of the US.
What do you think George Osbourne has in store for drivers in the UK later today?
Also See: Stocks affected by Brexit on your iPhone