Logistics companies will benefit from £165 million of government funding that is being set aside for road improvements.

The Department for Transport (DfT) confirmed this huge sum of money would be distributed across 62 schemes, many of which are aimed at removing bottlenecks and reducing congestion on the UK's highways.

Once local contributions have been taken into account, a total of 72 projects will receive an overall investment of more than £300 million.

Although figures released by the DfT earlier this month showed that traffic was down by 2.3 per cent in the first quarter of 2013 when compared to the corresponding period in 2012, there are still far too many pinch points dotted around the UK.

Transport secretary Patrick McLoughlin said this major investment highlights the government's commitment to stimulating growth.

"The schemes we have announced today are designed to target key bottlenecks around the country, making life easier for the thousands of motorists and businesses who use the local road network every day," he remarked.

Details of the Local Pinch Point Fund were announced in December 2012 and the government has received more than 170 bids from councils up and down the UK.