Motorists around the UK are being warned of new driving laws set to be introduced over the coming month that could impact their finances.
March will see a number of changes being introduced in line with tradition, as well as the Government’s Spring Statement outlining the financial year ahead.
The new financial year is also around the corner with motorists and businesses hoping for clarity on factors including fuel duty and car tax.
GB News rounds up the most important driving law changes set to be introduced in March 2024 and what it could mean for you.
A number of new driving law changes will be introduced next month
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Number plate changes
From tomorrow, March 1, a new batch of number plates will be introduced to mark the rollout of new vehicle models hitting forecourts.
The new “24” plates will adorn the latest models, with experts predicting that the value of new cars will rise over the coming weeks, while used car prices could crash.
Following on from the “24” plate in March, drivers will also be able to see the new “74” plate rolled out in September.
The Budget will be rolled out on March 6
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Spring Statement
Jeremy Hunt will unveil the Government’s Budget on March 6 with drivers keeping an eager eye on the proceedings in Parliament to see if factors directly impacting them will be addressed.
One of the most pressing issues for drivers is the price of petrol and diesel and how any change to the fuel duty cut could have a huge impact on what people pay at the pumps.
Fuel duty was first cut by five pence per litre in 2022 and extended by 12 months last year. It is now up to the Chancellor to extend the cut by another year, raise the rate of the cut or let it expire, all of which are expected to have an impact on fuel costs.
Drivers will also be looking out for any information on important car tax changes that may be introduced after the Government announced that VED rates would rise in line with RPI from April.
Drivers are hoping for a VAT cut on public electric vehicle chargers
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Electric vehicle owners are also looking for help from the Government following widespread calls from the industry to slash the rate of VAT on public chargers from 20 per cent to five per cent – in line with the VAT rate on home chargers.
Many have also called on the Government to go further by delaying the introduction of Vehicle Excise Duty (VED) payments for EV drivers which is set to be introduced next year.
While new measures are unlikely, the Chancellor could also decide to bring back the Plug-in Car Grant, allowing drivers to switch to an electric vehicle with a cash incentive.
Motorists will also be looking out for help with their insurance bills, which have risen dramatically in recent years. Major insurance companies have suggested that the Insurance Premium Tax (IPT) could be scrapped to save drivers around £60 a year.
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A consultation on fuel prices will end in March
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Fuel prices
A consultation launched in January was set up to “understand views on the best way to design and implement” a fuel price checker.
The Competition and Markets Authority (CMA) undertook a market study and found that major retailers and supermarkets had been overcharging drivers by £900million in 2022 alone.
The consultation is set to end on March 12 with drivers hoping the new fuel price checker will be introduced soon to force prices down after weeks of increasing costs.
Robert Johnson is a UK-based business writer specializing in finance and entrepreneurship. With an eye for market trends and a keen interest in the corporate world, he offers readers valuable insights into business developments.
