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  • Writer's pictureAdvantage Worldwide

UK Road Freight Rates Are Rocketing

The latest data from haulage booking platform and analytics firm Transport Exchange Group (TEG) isn’t good news. The figures suggest that UK road freight rates hit a three-year high in December last year.

Moving lorry
UK freight road rates hit a new high amid the joint challenges of Brexit and Covid

Figures from the TEG road transport price index revealed an increase of over 5% between November and December last year.

Thanks to the combined challenges of both Brexit and the pandemic, the average haulage price per mile rocketed

At the same time, thanks to the combined challenges of both Brexit and the pandemic, the average haulage price per mile rocketed by over 30% between December 20 - December 21.

This surge in December was anticipated as a result of the extreme demand for haulage and courier services throughout the period.

Two Key Issues

1. Brexit

The issues raised by Brexit have prompted many drivers to leave the industry. In addition, border crossings have become increasingly complex. The new Brexit regulations have resulted in further delays and excessive red tape at every crossing.

The further changes coming into play in 2022 will require more adaptation from logistics and haulage professionals.

2. Covid-19

The impact of the pandemic has resulted in an acute shortage of HGV drivers. With the arrival of the Omicron variant, further delays in recruiting new drivers are likely due to the number of people quarantining.

The figures also suggest that the courier sector is now proving more attractive for drivers than the HGV sector, leading to even higher haulage rates.

Looking Forward

These sky-high figures for UK road freight can be explained by a combination of factors. We would expect to see a seasonal high during the busy holiday period. However, the price surge has been exacerbated by reduced driver availability and other cost issues.

We can only wait for the next set of figures to understand more precisely where the market is heading next.

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