Skip to main content
The Actuary: The magazine of the Institute and Faculty of Actuaries - return to the homepage Logo of The Actuary website
  • Search
  • Visit The Actuary Magazine on Facebook
  • Visit The Actuary Magazine on LinkedIn
  • Visit @TheActuaryMag on Twitter
Visit the website of the Institute and Faculty of Actuaries Logo of the Institute and Faculty of Actuaries

Main navigation

  • News
  • Features
    • General Features
    • Interviews
    • Students
    • Opinion
  • Topics
  • Knowledge
    • Business Skills
    • Careers
    • Events
    • Predictions by The Actuary
    • Whitepapers
    • Moody's - Climate Risk Insurers series
    • Webinars
    • Podcasts
  • Jobs
  • IFoA
    • CEO Comment
    • IFoA News
    • People & Social News
    • President Comment
  • Archive
Quick links:
  • Home
  • The Actuary Issues
  • March 2016
03

Chancellor gives green light for driverless car trials in forthcoming budget

Open-access content Tuesday 15th March 2016 — updated 5.50pm, Wednesday 29th April 2020

Driverless cars will be allowed on motorways for test drives as early as next year, chancellor George Osborne will announce in tomorrow’s budget.

2


The chancellor and transport secretary Patrick McLoughlin said they wanted to attract investment and enable manufacturers to introduce new technologies to make roads safer and boost UK jobs and productivity. 

Trials will take place on a small number of local roads this year, then on motorways and strategic roads next year, to ensure safety before they are permitted for widespread sale and use.

Osborne said: "At a time of great uncertainty in the global economy, Britain must take bold decisions now to ensure it leads the world when it comes to new technologies and infrastructure.

"Driverless cars could represent the most fundamental change to transport since the invention of the internal combustion engine. Naturally we need to ensure safety, and that's what the trials we are introducing will test."

The chancellor is also expected to announce that the government will bring forward proposals this summer to remove regulatory barriers with the technology. 

The project will be funded by the £100m Intelligent Mobility Fund, a pot of money set up to support a range of programmes developing driverless technology. 

Highways England will run the trials and be responsible for safety. It is expected that individual lanes will be closed for the trials, though roads will remain open.

According to the Treasury, engineers suggest that driverless cars could eventually eliminate 95% of crashes. They will alert drivers of accidents and traffic jams ahead, and interpret information about hazards, increasing the safety of drivers, passengers and pedestrians.

Trials are currently under way on local roads in Bristol, Coventry, Milton Keynes, and Greenwich.

RAC chief engineer David Bizley said: "Trials such as those proposed will be essential in proving the capability and reliability of autonomous vehicle technology. Inevitably, however, motorists will be apprehensive about the idea of sharing road space with driverless vehicles. 

"For this reason it will be essential to keep other road users well informed about these trials so they are not surprised or distracted by the presence of a driverless car."

This article appeared in our March 2016 issue of The Actuary .
Click here to view this issue

You may also be interested in...

2

Chancellor accused of seeing insurance premium tax as a 'soft target'

The insurance industry has criticised chancellor George Osborne’s decision to increase the standard rate of insurance premium tax (IPT) by 0.5% to fund investment in flood defences.
Wednesday 16th March 2016
Open-access content
ta filler

FCA to regulate claims management companies following Budget

The UK government has transferred supervisory responsibility for regulating claims management companies (CMCs) to the Financial Conduct Authority (FCA) from the Ministry of Justice as part of yesterday's Budget statement.
Thursday 17th March 2016
Open-access content
2

US commercial insurance prices 'nearly flat'

Commercial insurance premiums in the US continued to moderate in the last quarter of 2015 but had “yet to sink to negative territory”, according to a survey conducted by Willis Towers Watson.
Friday 18th March 2016
Open-access content
2

Many fail to protect valuables by not insuring them

Four in 10 people who own antiques or vintage items do not list them on their home insurance, according to research.
Friday 11th March 2016
Open-access content
2

Nearly six in 10 consider using telematics to lower insurance premiums

The rising cost of car insurance premiums is driving motorists to consider black-box policies, where fees are calculated based on data provided by telematics, according to a survey.
Thursday 3rd March 2016
Open-access content
2

UK pet insurers pay out £1.8m a day in claims

Pet insurance claims cost £657m in the UK in 2015, an equivalent of £1.8m per day, according to the Association of British Insurers (ABI).
Tuesday 29th March 2016
Open-access content

Latest from General Insurance

td

Brain power

The latest microchips mimic cerebral function. Smaller, faster and more efficient than their predecessors, they have the potential to save lives and help insurers, argues Amarnath Suggu
Wednesday 1st March 2023
Open-access content
bl

'Takaful' models of Islamic insurance

Ethical, varied and a growing market – ‘takaful’ Islamic insurance is worth knowing about, wherever you’re from and whatever your beliefs, says Ali Asghar Bhuriwala
Wednesday 1st February 2023
Open-access content
il

When 'human' isn't female

It was only last year that the first anatomically correct female crash test dummy was created. With so much data still based on the male perspective, are we truly meeting all consumer needs? Adél Drew discusses her thoughts, based on the book Invisible Women by Caroline Criado Perez
Wednesday 1st February 2023
Open-access content

Latest from March 2016

IFoA funds three actuarial research programmes

The Institute and Faculty of Actuaries (IFoA) has today announced three leading research programmes to address issues in pensions and insurance such as longevity and health.
Thursday 31st March 2016
Open-access content
ta filler

PPI 'the most complained-about product', says FCA

Payment protection insurance (PPI) has the highest number of complaints among financial products and services, the Financial Conduct Authority (FCA) has found.
Thursday 31st March 2016
Open-access content
Pancakes and blueberries © Shutterstock

Risky portfolios do not match investors' appetites

The majority of the UK's ISA portfolios are in sectors with top risk ratings, but investors do not have the same requirements, a firm has warned.
Thursday 31st March 2016
Open-access content

Latest from small_opening_image

2

COVID-19 forum for actuaries launched

A forum for actuaries has been launched to help the profession come together and learn how best to respond to the deadly coronavirus sweeping the world.
Wednesday 25th March 2020
Open-access content
2

Travel insurers expect record payouts this year

UK travel insurers expect to pay a record £275m to customers this year as coronavirus grounds flights across the world, the Association of British Insurers (ABI) has revealed.
Wednesday 25th March 2020
Open-access content
2

Grim economic forecasts made as countries lockdown

A sharp recession is imminent in the vast majority of developed and emerging economies as the deadly coronavirus forces businesses to shut down across the world.
Tuesday 24th March 2020
Open-access content

Latest from 03

IFoA funds three actuarial research programmes

The Institute and Faculty of Actuaries (IFoA) has today announced three leading research programmes to address issues in pensions and insurance such as longevity and health.
Thursday 31st March 2016
Open-access content
ta filler

PPI 'the most complained-about product', says FCA

Payment protection insurance (PPI) has the highest number of complaints among financial products and services, the Financial Conduct Authority (FCA) has found.
Thursday 31st March 2016
Open-access content
Pancakes and blueberries © Shutterstock

Risky portfolios do not match investors' appetites

The majority of the UK's ISA portfolios are in sectors with top risk ratings, but investors do not have the same requirements, a firm has warned.
Thursday 31st March 2016
Open-access content
Share
  • Twitter
  • Facebook
  • Linked in
  • Mail
  • Print

Latest Jobs

Pricing Trading Manager - Contract

£700 - £1000 per day
Reference
148579

Head of Financial Risk

Flexible / hybrid working with minimum 2 days p/w office-based
£ excellent package
Reference
148578

Insurance Risk Leader

Flexible / hybrid with 2 days p/w office-based
£ to attract the best
Reference
148577
See all jobs »
 
 
 
 

Sign up to our newsletter

News, jobs and updates

Sign up

Subscribe to The Actuary

Receive the print edition straight to your door

Subscribe
Spread-iPad-slantB-june.png

Topics

  • Data Science
  • Investment
  • Risk & ERM
  • Pensions
  • Environment
  • Soft skills
  • General Insurance
  • Regulation Standards
  • Health care
  • Technology
  • Reinsurance
  • Global
  • Life insurance
​
FOLLOW US
The Actuary on LinkedIn
@TheActuaryMag on Twitter
Facebook: The Actuary Magazine
CONTACT US
The Actuary
Tel: (+44) 020 7880 6200
​

IFoA

About IFoA
Become an actuary
IFoA Events
About membership

Information

Privacy Policy
Terms & Conditions
Cookie Policy
Think Green

Get in touch

Contact us
Advertise with us
Subscribe to The Actuary Magazine
Contribute

The Actuary Jobs

Actuarial job search
Pensions jobs
General insurance jobs
Solvency II jobs

© 2023 The Actuary. The Actuary is published on behalf of the Institute and Faculty of Actuaries by Redactive Publishing Limited. All rights reserved. Reproduction of any part is not allowed without written permission.

Redactive Media Group Ltd, 71-75 Shelton Street, London WC2H 9JQ