According to the Society, Chancellor Gordon Brown is likely to scoop substantially more than the £41bn he took from motorists for Treasury coffers in 2001. The 2002 figures will show rises linked to the record 2.5m new cars leaving showrooms by the end of this year. That will scoop him £5.5bn in VAT alone.
The ongoing contribution those extra vehicles will make to the Treasury has yet to be estimated. In 2001, £22.6bn was taken in fuel duty alone, according to HM Customs and Excise data.
Says SMMT chief executive Christopher Macgowan: “This Christmas, Chancellor Gordon Brown can look forward to another sack load of cash, courtesy of the motor industry. Whether you are in business making parts and vehicles, or if you are a trucker, private motorist or car buyer, you can be sure that 2003 will be another year of giving to Number 11 Downing Street.”