You find a parking space. You buy your ticket. Where does that money go? Councils in England have made nearly £700 million in profits during this past year from parking fees and tickets.
Reported by AutoExpress.co.uk, Councils across England have recorded nearly £700 million in profits from their parking operations this year, the highest numbers on record.
Research by the RAC Foundation has revealed that in 2014/2015 English councils recorded combined profits of £693 million from their day-to-day parking activities. That’s nearly £1.9million a day, and represents a four per cent increase from the previous year.
The rise in overall profits is said to come from increased income from parking operations such as tickets and fines, not cost cuts, suggesting motorists are paying record fees for parking privileges.
London motorists appear to spend the most, with councils bringing in over 40 per cent of the record high profits. Westminster tops the charts by claiming a huge £46.4 million surplus.
It turns out however that not all local authorities recorded profits in 2014/2015. Of the 353 councils, the research found 57 authorities reported a drop in their numbers. For example, Cambridgeshire recorded a loss of £279,000 from their day-to-day parking operations for the financial year.
Steve Gooding, director of the RAC Foundation said: “The financial sums involved in local authority parking are huge and the overall profits eye-watering. And once again the year-on-year direction of travel is upwards.
“When a parking profit is made the law states that, essentially, the money can only be spent on transport and environment projects. We are simply asking that all councils publish annual reports to tell drivers exactly where this huge excess ends up.”
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