Motorists are calling on the Government to take action on rising costs ahead of the Autumn Statement, according to research from Close Brothers Motor Finance. A key concern highlighted is the sharp increase in insurance premiums, which have surged by 82% between May 2021 and June 2024, as reported by the Office for National Statistics (ONS). In comparison, the overall price of consumer goods and services rose by 21% over the same period.
In response to these rising costs, 41% of respondents expressed support for a cap on insurance premiums, while 39% called for reduced road tax. Additionally, 37% favoured further cuts to fuel duty to ease the financial burden on drivers.
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The transition to electric vehicles (EVs) was another significant issue for motorists. Nineteen per cent of drivers called for more incentives to reduce the cost of purchasing an EV, while 17% want improved EV charging infrastructure, and 16% are seeking support for installing home charging points.
Looking ahead, more than a third (34%) of respondents cited car insurance hikes as their primary concern over the next 12 months, followed by rising fuel prices (31%) and vehicle damage caused by potholes (20%). Furthermore, 26% agreed that the cost of car ownership is becoming increasingly unaffordable.
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