How will fuel prices and driving in Europe be affected by Brexit?

Following the momentous decision taken today by United Kingdom voters to leave the European Union, a British motoring association has warned fuel prices, driving in Europe and motor insurance could all be affected.

Friday, 24th June 2016, 10:35 am
Updated Friday, 24th June 2016, 12:08 pm
Uncertain times for motorists

The Automobile Association (AA) has said fuel prices are set to rise during a period of instability as the market begins to adjust to the news that Britons have voted to leave the EU.

Driving abroad will also change, with drivers having to display a GB sign with the potential of a fine for those that don’t. AA say it is unclear if the GB Euro-plates will still be valid in the EU.

There is set to be no change in brekadown cover however, the company say, and it continues to work with the roadside assistance clubs across Europe to ensure their members are not left stranded at the roadside.

AA says, as of yet, there is no immediate changes to motor and travel insurance used in Europe.

It also stressed it did not take a position on the referendum and declared it was for members to decide.

The company said there are many unanswered questions and that it will take months, possibly years, to negotiate a complete picture for motoring and the motor industry in the UK.

Edmund King OBE, AA president, says : “While the fallout of the referendum result will continue to be discussed, there are lots of points drivers will want to see resolved. As the voice of the motorist we will ensure that their views are heard loud in clear throughout the negotiation process.

“Driving abroad anything can happen but we would like to reassure our members with AA European Breakdown Cover that they will continue to get a first class service coordinated from our control centre in Lyon.

“Fuel prices will be the biggest immediate concern of drivers with the weaker pound and the Chancellor’s prediction that leaving the EU would lead to fuel duty increases. We will oppose duty increases and continue to monitor the situation on behalf of our members.”