George Osborne,
the Chancellor of the Exchequer for the Conservative-LibDem
Coalition government, presented his Budget speech to the House
of Commons today. In an email sent out later in the day he said
"I know times aren't easy for families at the moment, so
this Budget announced help, including an immediate cut in fuel
duty by 1 pence per litre and a delay of April's inflation rise
in duty to next January. This means fuel duty is 6 pence
lower than it would be under Labour. We are paying for this
by putting up taxes on the oil companies while the oil price
is high to create a Fair Fuel Stabiliser."
Report posted: 23.3.11 @ 1425
Update posted:
23.03.11 @ 1442
Further
update: 23.03.11 @ 2230
Where can
I get further information?
Budget 2011 - Chancellor's speech in full. More
HM Treasury website. More
Budget 2011 "red book". More
HMRC summary of changes. More
& More
Daily Telegraph - Budget 2011 at a glance. More
Our
previous report on the Emergency Budget in June 2010
Emergency Budget report - June 2010. More
|
How
has classic motoring suffered in the Budget?
The good news today was a useful reduction in fuel duty!
Fuel duty - Fair Fuel Stabiliser
The Chancellor announced the abolition of the Fuel Duty Escalator
and the introduction of the Fair Fuel Stabiliser so when oil
prices are high, as now, fuel duty will increase by inflation
only. More
Fuel duty - reductions
The Chancellor announced fuel duty will be cut by 1 penny per
litre from 6pm today. In addition, to ease the burden on motorists,
the 2011-12 inflation-only increase in fuel duty, which was
due to come in on 1st April 2011, will be deferred to 1 January
2012 when the main fuel duty rate will increase by 3.02 pence
per litre. That should avoid a 4p a litre increase. The 2012-13
increase in fuel duty will be implemented on 1 August 2012.
More
VED rates increase by RPI
VED for 2011-12 will increase by RPI. So for the pre-graduated
vehicles over 1549cc the VED rate will rise by £10 from
£205 (2010-11) to £215 (2011-12). See p232
of the HMRC document. More
VAT - no change
Thankfully no increase.
Pothole funding towards repairing the roads
Chancellor announced £100m to help local councils repair
winter potholes in our roads.
Insurance tax
The standard rate of 6% (Jan 2011 - April 2011) remains at 6%
(April 2011 to April 2012). More |