1 November 2017,
17:00-20:00
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Miles Better – a Wolfson Prize Winning Idea
Miles Better – a Wolfson Prize Winning Idea
The 2017 Wolfson Economics prize asked “how can we pay for better, safer, more reliable roads in a way that is fair to road users and good for the economy and the environment?”
Join us at this event to hear from the winner, Gergely Raccuja, about his idea.
Gergely proposes to scrap Fuel Duty and Vehicle Excise Duty and replace them with a simpler and fairer distance-based tax which also captures road and environmental impacts, meaning that the lighter and cleaner your vehicle is, the lower the per mile charge. Crucially, the charge will be collected by insurers who already manage all data necessary for calculating the charge; when a driver pays their insurance, they’ll also pay their ‘road bill’, thus avoiding issues of privacy and reducing administration costs.
The system will boost investment in roads and prepare us for a new generation of electric and autonomous vehicles. The Office of Rail and Road (ORR) will ensure drivers are treated fairly by setting the base charge and overseeing that a certain proportion (20-30%) of the proceeds are ring-fenced for spending on both the “Major Road Network” and the “Strategic Road Network”, pledging a “pothole-free Britain” within 5 years. Treasury wins too; as with both the number of vehicles on the road and total vehicle mileage projected to grow, government revenue will rise over time. This will stop and reverse the growing loss to the Treasury from falling fuel duty, estimated at an extra £2.3m a day.
This event is open to members and non members
Date: 1st November 2017
Time: 17:30 for a 18:00 start (closes at 19:30)
Venue: Amey, International Design Hub, The Colmore Building, 20 Colmore Circus, Birmingham, B4 6AT
Light refreshments will be provided
To reserve a place please use the link below:
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