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Budget 2023: Fuel duty freeze to continue
Date: Wednesday, March 15, 2023 | Author: Sean Keywood
Fuel duty will continue to be frozen at the current rate for the next 12 months, Chancellor of the Exchequer Jeremy Hunt has announced in his Budget speech.
The measure involves the maintaining of the freeze on fuel duty which has been in place since 2011, and also the continuation of the 5p cut which was introduced in March last year.
Other measures announced during the speech included an extra £200million per year for pothole repairs, on top of the £500million in place previously.
Reacting to the Budget announcement, Logistics UK chief executive David Wells said: “Today’s announcement that the 5ppl cut in fuel duty is to be retained for a further 12 months is very welcome news for logistics businesses, particularly SMEs – who make up 99% of the industry, and traditionally operate on low margins.
“Logistics UK has consistently urged government to extend this cut, while maintaining revenue levels through VAT and other sources.
“However, Logistics UK is dismayed by the lack of support to help businesses with energy costs and our sector’s transition to a low carbon economy, something which the government has urged industry to commit to. This is a missed opportunity.”
Association of Fleet Professionals chair Paul Hollick said: “For fleets, this was a Budget more noteworthy for what it didn’t include rather than what it did.
“We’d have liked to have seen measures announced ranging from the creation of an EV charging regulator through to national co-ordination on Clean Air Zones, as outlined in our recent tax and regulation manifesto. However, there was little content that showed the Government has been thinking about business road transport.
“The one bright point for fleets was the freeze in fuel duty. An increase of 11 pence per litre would’ve been extremely unwelcome at a point in time when the economy is struggling and removing that possibility is very much welcome.
“Further positives are difficult to identify but a recognition that more people need to be encouraged back into the workforce, through pension changes and childcare measures, could potentially help to a degree in a fleet sector where recruitment remains an issue.”
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