Budget 2015 – Transport Highlights

Chancellor George Osborne is setting up a new National Roads Fund to pay for highways investment.
Osborne revealed in the budget announced on the 8th July 2015 that cash raised by a revised Vehicle Excise Duty (VED) system will be pumped into road spending. The money raised from VED will be ring-fenced for road investment, something not seen since the 1930s.
Revenue from VED is currently falling as more new cars are exempt due to improving emission standards. Therefore for cars registered after 1 April 2017, VED will be transformed into three bands – zero, standard and premium. The new VED bands will be pegged to emissions – 95% of car owners will pay £140 a year.

Further updates in the budget included no rise in fuel duty this year with rates continuing to be frozen. The Chancellor also boosted business with plans to further cut Corporation Tax from 20% to 19% in 2017 and 18% by 2020.

Queen’s Speech 2015 – Transport Highlights

 

Yesterday the legislative plans for the year ahead have been unveiled in the Queen’s Speech to Parliament. It set out the priorities of David Cameron’s majority Conservative Government. We have below set out what we believe will impact our clients and our industry over the next five years.

The Housing Bill

The Housing Bill will help the Government to deliver on the ambition to help the working population, being designed to ‘offer over a million people a helping hand onto the housing ladder’.

 

Housing Minister Brandon Lewis said:

‘‘Schemes like Help to Buy are helping thousands of people who want to buy their own home – but we need to go further. Anyone who works hard and wants to get on the property ladder should have the opportunity to do so, which is why tomorrow’s Queen’s Speech will include measures so a million more people have the chance to do exactly that. And with housing starts at their highest since 2007, we’ll take steps that will get workers on sites and keep the country building.”

Communities Secretary Greg Clark said:

“Our Housing Bill will offer over a million people a helping hand onto the housing ladder. That is what a government for working people is about – making sure people have the security they need to build a brighter future for them and their families.”

The Bill include the following measures:

Extend the Right to Buy scheme; thus offering England’s 1.3 million housing association tenants the opportunity to buy their home at a discount, worth up to £102,700 in London and up to £77,000 in the rest of England.
Dispose of High Value Vacant Council houses; Councils will also be required to sell about 5% of their remaining council stock. These most-valuable properties […]