Financial standing levels to fall
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THE AMOUNT of cash hauliers must have in the bank to prove their good financial standing is to be reduced from the new year, the Department for Transport has confirmed.
From 1 January 2013, the minimum financial standing levels operators need to demonstrate will drop to £7,200 for the first vehicle, and £4,000 for each additional vehicle they request to be authorised.
Previously, operators needed access to £7,700 and £4,200 respectively. The new financial standing requirements apply to all new standard national and international applications submitted after 1 December. Existing licence holders who apply to vary their fleet size, or are called to appear at a public inquiry and need to prove their financial standing, will also be judged against the new levels. The rates for restricted licence holders and applicants remain the same.
James Firth, the Freight Transport Association head of road freight and enforcement policy, said: "Every October the rates in non-Eurozone countries are re-assessed based on current exchange rates, then those figures apply from the following January."