Latest Industry News
04 Oct 2018
Prime Minister Theresa May has announced that fuel duty will be frozen for the ninth consecutive year.
Speaking at the Conservative party conference, the Prime Minister stated that the government is ‘on the side of hard-working families’.
She continued: ‘It’s for them that we cut income tax, introduced a National Living Wage (NLW) and extended free childcare. And froze fuel duty every year.
‘Because for millions of people, their car is not a luxury. It’s a necessity.’
The fuel duty freeze has been criticised by the Green Party. Commenting on the matter, Caroline Lucas MP said: ‘Dirty air is killing thousands of people every year, and the government is breaking the law with its negligent failure to cut pollution. The last thing we need is another subsidy to encourage more cars onto our roads.’
Over the past year, petrol prices have risen by 11.5p per litre, and diesel prices have increased by 14p per litre. Currently, the average petrol price in the UK is 130.6p per litre, whilst the average price for diesel is 134.5p.
Fuel duty will officially be frozen by Chancellor Philip Hammond in the upcoming Autumn Budget, which is set to be delivered on 29 October.
We will be covering all of the key Budget announcements on our website, so please visit regularly.
For tailored advice on how to best manage your personal and business finances, get in touch with us today and find out about how CBHC can help you do more with your money.