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Chancellor Jeremy Hunt has announced the 2023 spring budget, so we’ve had a quick look through some of our key areas of interest as a connected motor insurer.
The fuel duty cut will remain at 5p for another year, after record-breaking fuel prices – although more than half of motorists were hoping for a cut.1
There’ll also be an extra £200m dedicated to repairing potholes on UK roads, increasing the total fund to £700m. Last year, roughly £7bn was spent on major roads from road tax.
The energy price guarantee will now remain in place until July, keeping costs at around £2,500. Worries over energy costs have been some of the most prevalent during the cost-of-living crisis, so this is welcome news for those charging electric cars at home.
After a number of widely-publicised AI innovations over the year, Hunt is clearly eager to see the UK among the major players as this area of tech continues to grow.
He’s offered a £1 million prize each year for the next 10 years to, “the person or team that does the most ground-breaking AI research.”
Nuclear power will now be classed as ‘environmentally sustainable’ and the government will launch a competition for the design of small modular reactors, which they could co-fund if they prove viable.
Hunt also announced £20bn of investment in carbon capture and storage, kicking off with projects in Merseyside and Wales.