From 1st January 2017, the financial standing requirements for vehicle operators will increase. This increase is not a change to the regulation, but due to the Euro exchange rate. The base figure of EUR 9000 for the first vehicle and EUR 5000 for each additional vehicle is unchanged.
The exchange rate is taken from the first working day of October each year and applied to the following year. So, the 2017 figures are calculated based on 3rd October 2016, when the exchange rate was less favourable than it is today.
The changes are as follows;
- First vehicle increased from £6,650 to £7,850
- Additional vehicles increased from £3,700 to £4,350
For more information please visit www.gov.uk