Budget 2024: Major fuel duty update will affect millions - what it means for motorists
manchestereveningnews.co.ukFuel duty will not increase next year, announced Chancellor Rachel Reeves in her first Autumn Budget today (October 30). Reeves said it would be the “wrong choice” to increase fuel duty next year, saying she would continue the freeze and maintain the temporary 5p cut for another year.
She told MPs she has to “take some very difficult decisions” on tax, and noted to retain the 5p cut and freeze fuel duty again would cost more than £3 billion next year.
The Chancellor said: “At a time when the fiscal position is so difficult, I have to be frank with the House that this is a substantial commitment to make. READ MORE: Budget 2024 LIVE as Rachel Reeves announces changes to tax and public spending “I have concluded that in these difficult circumstances while the cost of living remains high and with a backdrop of global uncertainty increasing fuel duty next year would be the wrong choice for working people. “It would mean fuel duty rising by 7p per litre.
So, I have today decided to freeze fuel duty next year and I will maintain the existing 5p cut for another year, too. There will be no higher taxes at the petrol pumps next year.” Prior to the budget announcement it was expected that Ms Reeves might announce the scrapping of the fuel duty tax from April 2025.
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