Skip to main content

Fuel duty cut extended for one year.

 

Petrol station
«Because infla­tion remains high, I have decided now is not the right time to uprate fuel duty with infla­tion or increase the duty,» said Jeremy Hunt, the chan­cel­lor. The exten­sion of the dis­count was wel­comed by motor­ing groups. «The cut has given drivers some much-needed relief in what has been the most tor­rid year ever at the pumps, with price records being broken even after duty was cut,» said Nich­olas Lyes at the RAC. «Given the import­ance of driv­ing for con­sumers and busi­nesses, duty should be kept low to help fight infla­tion».

But the car industry, which received little atten­tion in the chan­cel­lor’s Budget yes­ter­day, warned that the exten­sion of the dis­count would make it harder to meet elec­tric vehicle sales quotas that come into force next year. Mike Hawes, head of the Soci­ety of Motor Man­u­fac­tur­ers and Traders, said the £5bn giveaway con­tras­ted «with an absence of meas­ures to boost uptake of zero-emis­sion vehicles, such as redu­cing VAT on pub­lic char­ging». In addition, higher fuel costs make elec­tric vehicles, which are often charged at home, more afford­able by com­par­ison. Pub­lic trans­port advoc­ates also cri­ti­cised the fuel duty dis­count, arguing it would put people off using trains and buses.

«Mak­ing driv­ing rel­at­ively cheaper, while pub­lic trans­port gets more expens­ive, won’t help us reach net zero,» said Claire Hard­ing of the Centre for Lon­don think-tank. Reg­u­lated rail fares rose 5.9 per cent this year, and over­all, the price of train tick­ets has jumped 33 per cent over the past dec­ade, accord­ing to the Cam­paign for Bet­ter Trans­port. «Years of under-invest­ment in our road net­work coupled with a cold and wet winter is already unveil­ing the craters,» said Jack Cou­sens at the AA. «More money needs to be spent now, as well as sig­ni­fic­ant long-term invest­ment».

www.sba.tax

Labels:

Comments

  1. Maxwell16 March 2023 at 12:27

    I agree that more investments need to be made in public transport. People need an affordable, comfortable and safe way to travel. Not everyone owns or wants a car. In fact, most people don't want this so more money should go to keeping them happy and offering better conditions to this area.

    ReplyDelete

Post a Comment

Cloud Bookkeeping

US FED rate rise.

  The US Federal Reserve officials have indicated that they plan to resume increasing interest rates to control inflation in the world's biggest economy. During the June meeting, the Federal Open Market Committee reached a consensus to keep interest rates stable for the time being to evaluate whether further tightening of policy would be necessary. However, the majority of the committee anticipates that additional rate increases will be required in the future. The minutes of the meeting have recently been made public. According to the minutes, most participants believed maintaining the federal funds rate at 5 to 5.25 per cent was appropriate or acceptable, despite some individuals wanting to raise the acceleration due to slow progress in cooling inflation. Although Fed forecasts predicted a mild recession starting later in the year, policymakers faced challenges in interpreting data that showed a tight job market and only slight improvements in inflation. Additionally, officials gr...
Post a Comment
Read more

EU business slide.

  S&P Global’s flash eurozone composite purchasing managers’ index, a key gauge of business conditions for the manufacturing and services sector, fell 1 point to 47.1, figures showed yesterday. That is its lowest level since November 2020 and the fourth consecutive month below the crucial 50 mark separating growth from contraction. One of the few bright spots in the survey was that companies in all sectors reported a slight easing of cost pressures, price growth and supply chain constraints. However, prices charged for goods and services still rose at the sixth fastest rate since such data started in 2002. Jobs growth increased marginally from October but remained low compared with the past 18 months. Following a few months of falling price pressure in manufacturing and services, the October print shows an overall stabilisation said Jens Eisenschmidt, chief European economist at Morgan Stanley. However, German businesses, at the hub of Europe’s energy crisis, reported that manu...
1 comment
Read more

India- UK trade deal.

  According to India's top trade official, talks with the UK regarding a trade agreement are progressing well, despite obstacles related to temporary work visas and the opening up industries like automotive and spirits. The Commerce and Industry Minister, Piyush Goyal, explained that India is seeking transition periods or greater market access in specific sectors due to its economy, which is slightly larger than the UK's and expected to outgrow it in the coming decades. If a trade deal is reached, it would be one of the most significant agreements for Britain since leaving the EU, and it would also be necessary for India, which surpassed the UK as the fifth-largest economy last year. Goyal stated that India aims to increase its economy from $3.5tn to $35tn by 2047, the country's centenary of independence. According to officials and diplomats in India, talks about a proposed trade deal may be finished by early September, just in time for the G20 summit in New Delhi. Nigel Hu...
Post a Comment
Read more