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Budget 2016: Further cuts expected for Severn bridge tolls | Budget 2016: Further cuts expected for Severn bridge tolls |
(about 3 hours later) | |
Further cuts to toll charges on the Severn crossings will be announced by Chancellor George Osborne in his Budget on Wednesday, BBC Wales understands. | Further cuts to toll charges on the Severn crossings will be announced by Chancellor George Osborne in his Budget on Wednesday, BBC Wales understands. |
The current £6.60 toll for cars is to be reduced to £5.40 in 2018 with VAT on it scrapped when the crossings return to public ownership. | |
But it is expected Mr Osborne will cut the tolls further than planned. | But it is expected Mr Osborne will cut the tolls further than planned. |
A Port Talbot enterprise zone, in the wake of job losses at Tata Steel, is also likely to be announced. | A Port Talbot enterprise zone, in the wake of job losses at Tata Steel, is also likely to be announced. |
It means businesses operating in the zone would be able to claim tax breaks and government grants for expansion. | It means businesses operating in the zone would be able to claim tax breaks and government grants for expansion. |
But the fees on the Severn bridges could be one of his biggest moves for Wales in the Budget. | But the fees on the Severn bridges could be one of his biggest moves for Wales in the Budget. |
Fees are currently collected by a firm to pay for the construction and running costs, which are due to be repaid by 2018. | Fees are currently collected by a firm to pay for the construction and running costs, which are due to be repaid by 2018. |
The current charge is £6.60 for cars, £13.20 for vans and £19.80 for lorries and buses. | The current charge is £6.60 for cars, £13.20 for vans and £19.80 for lorries and buses. |
Earlier this year David Davies, MP for Monmouth, said the two crossings could be in public ownership months earlier than expected. | Earlier this year David Davies, MP for Monmouth, said the two crossings could be in public ownership months earlier than expected. |
He said changes to corporation tax and an increase in traffic due to low fuel prices meant construction costs would be repaid sooner. | He said changes to corporation tax and an increase in traffic due to low fuel prices meant construction costs would be repaid sooner. |
Mr Davies has said there is scope for a huge cut in the tolls, and still cover running costs. | Mr Davies has said there is scope for a huge cut in the tolls, and still cover running costs. |
The UK government's Department of Transport confirmed in 2014 that tolls on the Severn crossings would not be subject to VAT when they return to public ownership. | The UK government's Department of Transport confirmed in 2014 that tolls on the Severn crossings would not be subject to VAT when they return to public ownership. |
At last year's budget Mr Osborne announced that, as a result, tolls would fall to £5.40 in 2018. | At last year's budget Mr Osborne announced that, as a result, tolls would fall to £5.40 in 2018. |