Fuel duty is set to rise by a “record cash” amount for British motorists beginning in March. The Office for Budget Responsibility has predicted that fuel duty will rise by 23%. Mr Hunt’s Autumn Statement made no mention of the change.<\/p>\n\n\n\n
According to the OBR’s Economic and Fiscal Outlook, which was released earlier today, the change would raise the price of petrol and diesel by around 12 pence per litre.<\/p>\n\n\n\n
It was referred to as a “record cash increase.”<\/p>\n\n\n\n
In his statement today, the Chancellor confirmed that electric cars would be subject to vehicle excise duty, but he made no mention of plans to raise fuel duty.<\/p>\n\n\n\n
Since March 2011, the fuel duty tax has been frozen at 57.95p per litre.<\/p>\n\n\n\n
Sunak, however, announced on March 23, 2022, that it would be reduced by 5p per litre.<\/p>\n\n\n\n
The 12-month measure, however, is only valid until the end of March.<\/p>\n\n\n\n
Earlier today, 24 MPs, including former Home Secretary Priti Patel, wrote to Mr Hunt urging him to reduce fuel duty.<\/p>\n\n\n\n
“My fellow MPs and I want to see fuel duty reduced to stimulate growth,” they said.<\/p>\n\n\n\n
“In the last 12 months, we have seen record high prices at the pumps, and despite a strengthening pound and significant wholesale falls in recent weeks, petrol is still 22p\/litre higher than in January.”<\/p>\n\n\n\n
In his Autumn Statement to the House of Commons this morning, the Chancellor announced a \u00a355 billion plan for tax increases and public spending cuts.<\/p>\n\n\n\n
Mr Hunt’s package included around \u00a330billion in spending cuts and \u00a324billion in tax rises over the next five years.<\/p>\n\n\n\n
He announced that the threshold for paying the 45p rate of tax would be reduced from \u00a3150,000 to \u00a3125,140 from 6 April 2023.<\/p>\n\n\n\n
Meanwhile, the income tax personal allowance, higher rate threshold, main national insurance thresholds and inheritance tax thresholds will be frozen until April 2028.<\/p>\n\n\n\n
This will mean that more Britons are likely to end up with more tax, as they will be dragged into higher bands as a result of soaring inflation.<\/p>\n\n","protected":false},"excerpt":{"rendered":"
Fuel duty is set to rise by a “record cash” amount for British motorists beginning in March. The Office for Budget Responsibility has predicted that fuel duty will rise by … <\/p>\n