George Osborne,
the Chancellor of the Exchequer for the Conservative-LibDem
Coalition government, will present his second Budget speech
to the House of Commons today. His Emergency Budget statement
in June 2010 shortly after the Coalition took office was intended
to address the horrendous financial mess he found on taking
up his post.
Budget today
- see our report on the V8 website
As usual we will have a report on the statement within an hour
or so of the Chancellor sitting down in the House of Commons.
See our
earlier previews of the Budget 2011
Budget 2011 review February 2011. More
Budget 2011 review March 2011. More
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our Budget 2011 report 22.3.11.
More |
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How
will classic motoring suffer in the Budget today?
What might we see in today's Budget?
Fuel duty
The next increase in fuel duty - 1p a litre - is planned for
1st April 2011. Motor fuel prices in the UK have been driven
up by three fuel duty increases since last April, a substantial
rise in the price of crude oil, a fall in Sterling (making US
Dollar denominated crude supplies more expensive in Sterling
terms) and a rise in VAT in early January this year. Current
pump prices are typically 130p a litre and more and could rise
further over the next month. Hopefully we shall see the Chancellor
introduce some "fuel stabiliser" measure to reduce
the impact of higher fuel prices from higher crude oil prices,
currently well over US$100 a barrel with the uncertainties over
North Africa and the Gulf.
VED - no new changes
Hopefully we shall see no new changes, simply referring
to the reforms to VED rates for cars first registered from 1st
March 2001. VED
rates
VAT - no change
Thankfully no further increase is expected.
Pothole funding towards repairing the roads
Limited funding for winter damage repairs seems likely. More
Our
previous report in the Emergency Budget in June 2010. More
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