Fuel duty cut in Spring Statement
The government has announced a 5p per litre cut in fuel duty.
Speaking in his Spring Statement, Chancellor Rishi Sunak said the cut was being introduced to mitigate the rising cost of living.
Describing it as, “the biggest cut to all fuel duty rates ever,” he said the cut would imposed from 6pm this evening and remain in place until March 2023.
According to the RAC, the fuel duty cuts will reduce the cost of filling up an average family car by £3.30.
Meanwhile, the average price of a litre of petrol has risen more than 40p a litre since the Spring Statement of 2021, with diesel prices up by nearly 50p a litre in the same time.
Mike Hawes, SMMT chief executive, said: “Measures to help address the accelerating cost of living are welcome but business also needs support, especially on energy, investment and skills. Time is of the essence as the industry is not yet in recovery but costs are increasing rapidly, undermining U.K. competitiveness. Government could have acted today to help automotive manufacturers alleviate soaring business energy costs and encourage investment.
“We look forward to working with government on its proposals for business investment and, especially, super deductions which are highly valued. Manufacturers have committed £10.8 billion to UK EV and battery R&D and production in our first ‘electric decade’. Driving even more investment will be essential if we are to supercharge automotive manufacturing – and the jobs and economic growth it creates – during its biggest transformation in 100 years.”
