The Budget 2014
Published Date: 22nd Mar 2014
How Does The Budget Affect Motorists?
Our chancellor George Osborne has announced a £200 million fund for the repair of pot holes on or roads while freezing the fuel duty in his 2014 Budget statement.
The September 2014 fuel duty rise had already been scrapped in the previous statement in 2013 and now the Chancellor confirmed duty will be frozen until at least spring 2015.
This news comes as part of a welcome relief to motorists her in the UK, who saw petrol prices soar to as much as 138.32 pence per litre in 2013. Osborne explained that in the 2014 Budget the latest freeze meant motorists would be paying up to 20p less than under the previous Government.
One of the biggest announcements during the Budget statement was a new 12-sided £1 coin. While not directly affecting drivers, it will mean every parking meter and machine will have to be replaced.
There are around 100,000 machines in the UK and replacing all these will cost at least £50m to local councils and private parking firms, according to the British Parking Association.
This figure will probably rise if meters and machines are upgraded at the same time to include all the new payment methods – like chip and pin. While a massive investment is needed, the new coin could to save parking operators £40 million a year as around four per cent of £1 coins used in machines are counterfeit. The Royal Mint said the new coin will be the safest and most secure in the world.
The £200m pot hole repair fund means local councils can bid for money to repair roads ravaged by the winter floods. The latest estimate for repairs is £400 million, on top of the £10.5 billion repair backlog that we already have.
More motoring announcements came in the form of the discount for ultra low-emission vehicles and a new two per cent tax on company cars with higher CO2 emissions. The M4 in Wales will receive funding along with a £270million purse for the Mersey Gateway Bridge.
Take a look at this year's C02 rates:
| CO2 Emissions | Annual rate | First year rate |
| Up to 100g/km | £0 | £0 |
| 101-110g/km | £20 | £0 |
| 111-120g/km | £30 | £0 |
| 121-130g/km | £110 | £0 |
| 131-140g/km | £130 | £130 |
| 141-150g/km | £145 | £145 |
| 151-165g/km | £180 | £180 |
| 166-175g/km | £205 | £290 |
| 176-185g/km | £225 | £345 |
| 186-200g/km | £265 | £485 |
| 201-225g/km | £285 | £635 |
| 226-255g/km | £485 | £860 |
| Over 255g/km | £500 | £1,090 |