BusinessCompany NewsFuel duties likely to be scrapped

Fuel duties likely to be scrapped

Chancellor Gordon Brown will scrap fuel duties this week, reports claim.

Link: Election steers PBR predictions

Brown will use his pre-Budget report to announce the end of the 1.92p a litre increase, unveiled just eight months ago.

The increase was announced – by the Chancellor – in this year’s Budget.

The move to axe the duty is seen as political rather than financial. Ministers are mindful of upsetting motorists in the run-up to the next General Election.

However, it will have some financial cost. The Treasury estimates claim that the abandonment of the fuel duty will cost the exchequer around £400m annually.

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