The Chancellor of the Exchequer has cancelled Labour’s planned fuel duty rise in today’s Budget, saving three million motorists in London over £170 each year. This will mean pump prices will now be 13 pence per litre lower than if Labour were in power, saving the average family £7 every time they fill up their car.
The Chancellor has also announced that Labour’s plans to increase beer duty are to be scrapped. Beer duty will, instead, be cut by a penny, meaning beer will be 1p per pint cheaper after Sunday night – 4p per pint cheaper than it would have been under Labour. This measure will provide a huge boost to the 4,504 pubs in and around London.
Commenting on today’s news, Bob said:
“This is a Budget that is delivering for families who want to work hard and get on in life.
“Labour raised the rate of fuel duty twelve times whilst in office, which meant that the bottom fifth of earners ended up having to spend twice as much of their income on petrol duties than top earners. Scrapping another of Labour’s planned fuel duty increases will make a huge difference to motorists in London. Under this Government, fuel duty will now have been frozen for nearly three and half years - the longest freeze in duty for over 20 years.
“The Beer Duty cut is also great news for beer-drinkers, breweries and for London’s pub industry. Labour increased beer duty by 60 per cent and left our pubs fighting for survival, as I know only too well from my time as the Minister responsible for this sector. Today we not only scrapped Labour’s planned increase – we’ve actually cut it.”