LONDON (Reuters) -British finance minister Rachel Reeves said on Wednesday she will maintain a freeze on the level of fuel duty rates until September 2026 when a five pence temporary cut introduced in
UK's Fuel Duty Freeze Extended Until 2026 by Reeves
LONDON (Reuters) -British finance minister Rachel Reeves said on Wednesday she will maintain a freeze on the level of fuel duty rates until September 2026 when a five pence temporary cut introduced in 2022 will be reversed.
"I know that the cost of travelling to and from work is still too high ... so I am extending the 5p cut until September 2026," Reeves said in her budget speech to parliament.
From April 2027, fuel duty rates will then be uprated annually by inflation.
Duty paid on motor fuels has been frozen since 2011, except for a temporary cut introduced in 2022 when oil prices spiked after Russia’s invasion of Ukraine.
Fuel duty is a big revenue-raiser, bringing in around 25 billion pounds ($33 billion) a year.
($1 = 0.7586 pounds)
(Reporting by Andy Bruce, writing by James Davey, editing by Catarina Demony and Toby Chopra)
