Home Uncategorized Chancellor hints at cutting tax to help Brits with the high cost of living

Chancellor hints at cutting tax to help Brits with the high cost of living

by LLB Finance Reporter
15th Mar 22 2:10 pm

The Chancellor Rishi Sunak has suggested that he could cut fuel tax later this month during his mini budget.

Speaking in the House of Commons Sunak came under pressure by MPs as the average price of petrol is around 163.5p which is crippling families.

Tory MP Jake Berry, who chairs the influential Northern Research Group of red wall parliamentarians, said, “When the Chancellor thinks about his spring statement coming up, will he not only look at cutting fuel duty, but also look at mileage recovery rates.

“They have been at 45 pence per mile for over a decade, now is the time to put them up to 60 at least.”

The MP added that the rise in fuel prices had led to a millions of pounds in VAT collected by the government.

“With the cost of fuel now being an eye-watering £2 a litre in some areas, it’s led to a huge VAT windfall from the Treasury,” he said.

Sunak said, “I’m grateful to him for his suggestions, of course I’ll bear them in mind.

“He’s right about the rising cost of fuel at the pumps.

“Although, I am pleased to see that over the last few days the price of brent has fallen by about 25%, just illustrating the volatility of the situation we’re currently experiencing.”

The wholesale price in fuel is dropping but on the forecourts motorists pockets are still being hit with soaring prices.

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