He commented: 'It is unfortunate that we are left with a hung Parliament. In this period of economic uncertainty the country badly needs stability and we hope the issue of who will govern the UK is resolved soon. Whatever form the Government takes, its first priority will be to tackle the huge budget deficit.

'Doing this means that higher taxes and public spending cuts are top of the agenda. Unfortunately, transport will be an easy target. Whoever is in power, we must try and send a clear message that cutting large scale road investments and piling yet more increases on over-taxed road users would be just as damaging to the economy as raising business taxes.'