The Government has announced plans to invest nearly £30billion in Britain’s road network between 2020 and 2025.

The £28.8billion National Roads Fund, which will be financed by vehicle excise duty (VED, or ‘road tax’ to you and me) payments, will be used to upgrade, maintain and possibly even construct motorways and other major roads.

This is the first-time proceeds from road tax have been ‘ring-fenced’ for spending on infrastructure. In theory, this means the money you pay to the Government to keep your car on the road, is for the first time guaranteed to be spent on their upkeep.

Chancellor Phillip Hammond said an extra £420million will be given to local councils this financial year to “tackle potholes, repair damaged roads, and invest in keeping bridges open and safe”. Meanwhile another £150million will be used to improve junctions on local roads, for example through the construction of roundabouts.

Other measures announced in today’s budget include a freeze on fuel duty for the ninth year in a row, plus money for local transport projects like new bus, tram and cycling routes, and investment in “next-generation methods of transport” like self-driving shuttle services.

Source: TopGear

October 31, 2018