Reeves poised to cancel planned fuel duty rise to help with cost of living
Summary
Chancellor Rachel Reeves plans to cancel a scheduled increase in fuel duty to help reduce the cost of living. She will announce this as part of a wider plan to ease inflation effects caused by the war in Iran.Key Facts
- Reeves will stop a planned 1p rise in fuel duty due in September.
- She may cancel all of a 5p staged increase planned over the next six months.
- The moves aim to lower fuel costs for motorists amid rising prices linked to the war in Iran.
- The government has already extended a 5p fuel duty cut twice, initially introduced in 2022.
- Reeves froze fuel duty for nine months after the last budget but considered ending the temporary cut starting in September.
- Other ideas like freezing private rents were considered but ruled out by officials.
- Reeves plans to announce a new energy bill relief later in the year since the current price cap lasts until June.
- The government has allocated £50 million to help with heating oil costs for rural families, especially in Northern Ireland.
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