Chancellor of the Exchequer Philip Hammond has delivered his first Autumn Statement and in it, there's some positive news for UK motorists.
Announced on Wednesday (November 23rd), the chancellor revealed a seventh successive year for a freeze in fuel duty. This will save the average driver £130 a year in reduced fuel costs and £250 per year for van drivers.
It means the current freeze on fuel duty is now the longest in 40 years, with the chancellor describing the move as a "tax cut" that will be worth in excess of £850 million to the UK public in the coming year.
Explaining his decision to maintain a freeze on fuel duty rather than implementing a cut, Mr Hammond said: "The oil price has risen by more than 60 per cent since January; and sterling has declined by 15 per cent against the dollar.
"That means significant pressure on prices at the pump here in Britain."
Other beneficial measures announced in the Autumn Statement for UK drivers included the creation of a £23 billion National Productivity Investment Fund to improve Britain's road network and to alleviate congestion.
In addition, he unveiled a partial exemption to ultra-low emission vehicles under changes to salary sacrifice rules.
Natalie Brinkley, brand manager at Fuel Card Services, adds: "This is positive news for all UK road users and while a reduction in fuel duty would have been welcomed, this latest freeze will provide a boost to the finances of millions of UK road users."
Posted on 24th November 2016
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