FUEL duty will be cut by five pence from this evening the Chancellor has revealed, as he gave his spring statement.
Rishi Sunak also revealed that the tax threshold will raised to £12,570 as he set out plans to tackle sharp cost of living rises.
The cut, worth over £6 billion, will benefit almost 30 million working people with a typical employee saving over £330 in the year from July.
Mr Sunak also announced that fuel duty for petrol and diesel will be cut by 5p per litre from 6pm tonight (23 March) to help drivers across the UK with rising costs – a tax cut worth £2.4 billion and will remain in place for 12 months.
The Chancellor also set out a series of measures to help businesses boost investment, innovation, and growth – including a £1,000 increase to Employment Allowance to benefit around half a million smaller firms.
Delivering the Spring Statement, Chancellor Rishi Sunak said: “This statement puts billions back into the pockets of people across the UK and delivers the biggest net cut to personal taxes in over a quarter of a century.
“Like our actions against Russia, I have been able to do this because of our strong economy and the difficult but responsible decisions I have had to make to rebuild our finances following the pandemic.
“Cutting taxes means people have immediate help with the rising cost of living, businesses have better conditions to invest and grow tomorrow, and people keep more of what they earn for years to come.”
Delivering the statement, the Chancellor made clear that sanctions against Russia will not be cost-free for people at home, and that Putin’s invasion presents a risk to our economic recovery – as it does to countries all around the world.
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