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Fuel Duty Cut
Fuel Duty Cut

 

Last week Chancellor Rishi Sunak divulged information regarding the health of the UK economy in his Spring Statement update.

In recent times there was much speculation over whether or not the Chancellor would cut fuel duty, in an attempt to combat the astronomical increase in the cost of both petrol and diesel.

When the Spring Statement finally rolled around, Sunak announced his intention to cut fuel by “not 1, not 2, but by 5p per litre”.

The fuel duty cut, which applies to both petrol and diesel fuels, will knock about £3.30 off the cost of filling a typical 55-litre family car, according to the RAC.

The new duty came into effect from 6pm on Wednesday 23rd March.

However, while this may be seen as a marginal gain by motorists across the UK, the OBR commented:

“Higher global oil prices have already raised fuel prices, which contribute almost 0.9 percentage points to inflation in the second quarter of 2022, even after incorporating the impact of the cut in fuel duty announced in the Spring Statement”.

 

 

Want more information?

 

For a more extensive overview please view our full report on the Spring Statement 2022.

The final bite-size breakdown of our report will be published tomorrow, and it will cover what we know so far about the changes set to be announced in the Autumn budget.

 

 

Contact Gow and Partners

 

Talk to our highly skilled team of accountants today to find out how these changes could affect you and your business.

Simply call 01254 589799.

Alternatively, you can fill in a contact form, or send us an email at info@gowandpartners.co.uk.