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Chancellor: Energy Price Guarantee & 5p Fuel Duty Cut Maintained

UK

First main policy from Hunt was already announced earlier this morning, with the Energy Price Guarantee remaining in place: "I today confirm that the Energy Price Guarantee will remain at £2,500 for the next three months. This means the £2,500 cap for the typical household will remain in place when energy prices remain high, ahead of an expected fall in prices from July. This measure will save the average family a further £160 on top of the energy support measures already announced."

  • As expected, he also maintains the 5p cut to fuel duty implemented in early 2022. Hunt: "...for a further 12 months I’m going to maintain the 5p cut … and I’m going to freeze fuel duty too. That saves the average driver £100 next year and around £200 since the 5p cut was introduced."
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