Today's emergency Budget is likely to hit motorists hard.
The Budget is being launched as the Conservative-Liberal coalition government puts plans in place to reduce the nation's £156 billion of debt.
Motorists are expected to be hit by a rise in the VAT rate from 17.5 to 20 per cent, raising the cost of new and used vehicles, servicing and fuel.
It has already been announced that the Department of Transport's budget will be reduced by £683 million. Exact details of where the cuts will be felt are unclear, but motorits are liklely to be hardest hits as road building and maintenance plans are shelved.
There is also speculation fuel tax will be raised, although the Conservatives campaigned for fairer fuel prices during the election. A future VED hike for the highest polluting vehicles has also been mooted.
Click back on autocar.co.uk later today to get confirmed details of announcements.