UK Fuel Duty Cut

In his budget speech today, chancellor George Osborne annouced that a 1p/litre cut in fuel duty will be implementated from 6pm this evening.

Previously the 'fuel duty escalator' meant that an increase of 1p plus inflation was planned each year, which would have been a total of 4p/litre this time. This escalator has now been cancelled and the inflation raise will be delayed until next year.

The cost of fuel has become a huge burden on families and the chancellor was quoted as saying "It's about doing what we can to help with the high cost of living and the high cost of oil".

The April 2012 fuel duty raise will also be delayed to the following summer.

In other motoring news, the chancellor promised an extra £100m of central funding for road repairs.

23-Mar-2011
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