Tag Archives: Chancellor George Osborne

UK Budget is out… fuel duty cut by 1p tonight 6PM [update]

23 March, 2011   Karl   1 Comment

Chancellor of the Exchequ 006 300x180 UK Budget is out... fuel duty cut by 1p tonight 6PM [update]Speaking to House of Commons today, George Osborne confirmed that Fuel Duty will be frozen CUT by 1p a litre as of 6PM tonight.

The fuel prices escalator had been set to add another 5p on a litre of fuel at the beginning of April, this has been officially scrapped.

In sweeping changes to UK tax and duty the Chancellor also announced the introduction of the mythical fair fuel stabiliser. This should help protect UK motorists from the volatile fuel price surges that have been causing such upset.

These measures are firmly aimed at helping UK motorists already suffering as inflation and food prices take hold.

Mr Osborne’s further announcements included £100 million to help councils repair our “pot holed” and ruined roads.

The fuel duty cut came as quite a surprise and even surpassed Labours request for fuel duty to be frozen. All we ask is… what took you so long?

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George Osborne hints that fuel duty maybe frozen

20 March, 2011   Karl   No comments

budget box 001 300x180 George Osborne hints that fuel duty maybe frozen Chancellor George Osborne has told the BBC’s The Andrew Marr Show that he was “looking very carefully” at freezing the duty in Wednesday’s Budget. In todays interview Mr Osbourne  said he understood the pressure motorists were under from record-high petrol prices.

The government has been under pressure from motoring groups and opposition parties who are calling for the planned increase to be scrapped.

Its extimated that an extra £2.2 billion will have been generated from the increase in VAT alone. This figure does not take into account the extra duty collected by the increases in fuel prices as the trouble continues in the middle east.

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Chancellor George Osborne hints at fuel price help in budget

27 January, 2011   Karl   No comments
uk budget 23 june 2010 Chancellor George Osborne hints at fuel price help in budget

Is this a ploy to settle increasing action by protest groups on fuel prices?

Help for hard-pressed motorists could be on the way after Chancellor George Osborne gave a strong signal he will tackle rising fuel prices in his Budget in March.

He said he was looking at two things, the first would be “overriding” the fuel duty due to come into force in April which was announced by Alistair Darling when he was chancellor.

The second option would be a “stabiliser” – when the oil price goes up, the Government gets more revenue and they help the motorist by reducing the tax.

In an interview, Mr Osborne said drivers would have to wait for March 23, the Budget.

He said the price of fuel had increased partly because the cost of oil has gone up dramatically to around 100 US dollars a barrel, but also due to tax rises announced before he took office.

Asked if he can tackle the April rise, Mr Osborne told BBC West Midlands: “We can override it – we’re looking at it.”

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