For almost as long as there have been petrol stations, Fuel Duty has been unavoidable, and sometimes controversial. It accounts for 57.95 pence of every litre of petrol or diesel that we buy. The rate of Fuel Duty has been frozen since March 2011, saving the driver in households and businesses on average £130 and those who work in logistics, with light commercial vehicles saving an estimated £350 per year.
However, the UK still has one of the highest levels of taxation on fuel, which places an undue burden on motorists. This, it can be argued, restricts economic growth through lost investment and expansion by businesses.
With inflation increasing, a litre of petrol has gone up by 19 pence in the last 12 months, whilst for diesel it’s 22 pence. Managing increases to the cost of living is likely to be one of Philip Hammond’s greatest challenges.
LeasePlan UK, Managing Director, Matt Dyer
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