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A Fuel Duty Rise was omitted from Jeremy Hunt’s first speech as Chancellor of the Exchequer yesterday.
New Chancellor of the Exchequer took to the national stage yesterday to deliver his Autumn Statement. Whilst lowered tax brackets and support not in keeping with the rise of inflation took centre stage, hidden in the background was a potentially catastrophic rise in Fuel Duty, with a record raise of 12p per litre.
This enormous hike is reported to be taking place in March 2023 but was excluded from the Chancellor’s main speech.
Yesterday’s report from the Office for Budget Responsiblity “anticipated that Hunt would raise the tax on petrol and diesel by 23% in March”, reversing the 5p/litre temporary cut made by Rishi Sunak.
But Hunt told broadcasters this morning that a decision hasn’t been made, saying:
“Let me clear that up, that is not government policy.
We will make a decision on that at the next budget in the Spring.
That was just an assumption that the OBR made – they’re an independent organisation, they make assumptions.
We have made no decision on that at all.”
We now wait with bated breath to see what he decides.