Chancellor George Osborne has frozen fuel duty until May next year in his latest budget speech, scrapping the fuel duty rise which was planned for September.
Fuel duty has not risen since January 2011 and Mr Osborne claims that petrol is now 20 per cent per litre less expensive than it would have been under a Labour government.
In addition to this, an additional £200million has been earmarked for pothole repairs. Billed as "emergency funding," local authorities will be able to bid for the cash to repair up to 3.2 million potholes following the recent bad weather.
Other announcements came in the form of an increase in Vehicle Excise Duty (VED) rates in line with the Retail Price Index, which will take place from 1 April, while a two per cent tax on company cars with higher CO2 emissions has also been confirmed.
There is good news for classic car fans, however, as the Government has announced the reintroduction of a rolling VED exemption for classic vehicles over forty years old. There was previously a 25 year VED exemption in place for classic cars but this was frozen in 1997, with the exemption cut-off stopped at 1 January 1973.
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