Q. Can you confirm the required financial standing for 2023 and what you expect the change to be for 2024?
The current financial requirements for heavy goods vehicles (HGV) and public service vehicles are outlined in the Senior Traffic Commissioner Statutory Document 2: Finance. As of 1 January 2021, the required financial standing for a standard licence holder is £8,000 for the first HGV and £4,500 for each additional HGV. For restricted licence holders, it's £3,100 for the first HGV and £1,700 for each additional vehicle. Light goods vehicle operators need £1,600 for the first vehicle (if no HGVs are operated) and £800 for each additional light goods vehicle.
These rates were established following the amendments made by The Licensing of Operators and International Road Haulage (Amendment, etc.) (EU Exit) Regulations 2019 to Regulation (EC) No 1071/2009, converting the figures to Sterling. Since these rates are now legislatively fixed, it is anticipated that there will be no change to these amounts for the year 2024 unless further legislative amendments are made.
