No respiteConsumer groups were disappointed that Hammond did not go further in giving people a helping hand. Simon McCulloch, a director at Comparethemarket said:
It feels like there was an opportunity missed in today’s Budget to make the cost of running a car more affordable – particularly for young drivers.
"IPT has been hiked three times in the past 18 months, adding an average of £109 to annual insurance costs. On top of this, we estimate recent changes to the Ogden [discount] discount rate could add almost another £60 on average, and a massive £107 for drivers under 25." Read more: Admiral boss blasts Truss after revealing £150m discount rate hit The chief executive of Admiral, speaking on a call to discuss the firm's annual results, conceded that the inflationary pressures on motor insurance could lead to an increase in people driving without insurance. Meanwhile McColloch added: "As getting on the road becomes more and more expensive, we had hoped that Philip Hammond might have announced new measures to help motorists cut the costs, such as exempting young drivers from IPT, to avoid them being priced off the road, or even resorting to driving without insurance”.