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Budget-Alcohol And Fuel Duty Freezes Extended

UK

Chancellor Jeremy Hunt has announced two of the widely expected freezes in duty to alcohol and fuel. The freezing of both seen as important for the Conservatives in the run up to the election, with the gov't seeking to use fuel duty especially as a 'wedge issue' to be 'on the side of motorists' given that the party has consistently criticised London Mayor Sadiq Khan for his ULEZ scheme.

  • Hunt: " In the Autumn Statement I froze alcohol duty until August of this year. Without any action today, it would have been due to rise by 3%. ... today I have decided to extend the alcohol duty freeze until February 2025."
  • Hunt: "If I did nothing fuel duty would increase by 13% this month.... I have as a result decided to maintain the 5p cut and freeze fuel duty for a further 12 months."
  • Hunt: "Taken together with the alcohol duty freeze, this decision also reduces headline inflation by 0.2 percentage points in 2024-25 allowing us to make faster progress towards the Bank of England’s 2% target."
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