Autumn Statement: Chancellor scraps fuel duty rise but warns recovery will take five years
The Chancellor today provided some relief to motorists and haulage firms, but warned families and businesses the tough times would last at least another five years.
George Osborne announced the scrapping of a planned 3p rise in fuel duty in his autumn statement this lunchtime.
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The Chancellor George Osborne
The increase, due to take effect next month, had been widely expected to be delayed until April.
However, Mr Osborne has been forced to extend austerity measures to 2018 as he battles to turn around the ailing economy.
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These measures include a fresh benefits squeeze and a raid on the pensions of the wealthy.
Most working age benefits, such as Jobseekers' Allowance and child benefit, will go up by 1 per cent, less than the rate of inflation, for the next three years. And there will be a further cut in tax relief on large pension pots, saving the Government £1 billion a year.
See the main Autumn Budget Statement at-a-glance here.
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Comments
by Bob491
Wednesday, December 05 2012, 10:39PM
“Our inexperienced and incompetent Chancellor has been forced to admit that his reckless austerity measures are not working.
He has flat lined the economy and is facing a possible triple dip recession. His policies are forcing debt upwards and also pushing up the number of long term unemployed.
And he continues to hammer the less than wealthy, whilst cutting taxes for millionaires.
Infrastructure projects seem to be mainly confined to the Con heartlands of London and the south-east.
It is an Autumn statement to force the less wealthy to pay to keep his over wealthy friends and Con party donors in the lap of luxury. There's a surprise.”
by LewisC109
Wednesday, December 05 2012, 9:39PM
“remember poll tax the posh boys are doing the same thing just with a different name”
by Rob_1
Wednesday, December 05 2012, 5:19PM
“Things can't be as bad as the government / media are trying to make out in this country / city, after all look at how much money SPS and his Laboour controlled cronies are looking at spending on white elephant schemes.”
by democrat
Wednesday, December 05 2012, 3:57PM
“DB
They are already under public ownership!
So there are no 'fat cats' just us tax payers”
by Daveyakk7788
Wednesday, December 05 2012, 3:42PM
“Fuel duty freeze is a headline announcement - trying to hide the below-inflation rise on benfits. I suppose it means big savings for the Government.”
by DBLeicester
Wednesday, December 05 2012, 3:23PM
“As per the Autumn statement: ''Bradford and Bingley and Northern Rock Asset Management brought on to balance sheet, adding £70bn to national debt''
Oh how we love this government and their protection of their fat cat friends. When will the revolution start..?!”