"This step is essential to ensure the sustainability of our public finances while allowing us to continue supporting investment in roads, transport, and initiatives to promote cleaner vehicles. It is a responsible approach to balancing fiscal needs with our long-term climate goals."
"Increasing car taxes for the first time in 12 years will place additional pressure on families and commuters. While long-term environmental goals are important, the government must be mindful of the immediate financial impact on motorists."
Vehicle Excise Duty will rise for petrol and diesel vehicles for the first time since 2014. The Treasury estimates the increase could generate hundreds of millions of pounds for infrastructure projects and incentives for low-emission vehicles. Funds are earmarked for road maintenance and measures to promote cleaner transport. Electric vehicles are largely exempt from the hike. The rise will affect private and commercial vehicles; HM Revenue & Customs will publish banding and rates in coming weeks. The Chancellor framed the move as necessary to sustain public finances and support green investment. Motoring groups warned the timing will strain households facing high energy and petrol costs.
Read at London Business News | Londonlovesbusiness.com
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