BUDGET UPDATE: 2p fuel increase deferred to October
March 12th, 2008
Item submitted by: Northamptonshire Chamber
Today Alistair Darling presented his first Budget as Chancellor, announcing plans to defer the proposed 2p fuel duty increase to October.
Paul Griffiths, Chief Executive of the Northamptonshire Chamber of Commerce, said of the announcement:
"With the price of petrol at the pump rocketing, the Chancellor was right not to introduce the proposed 2p rise in fuel duty. However, as the Chancellor reduces his own economic growth forecasts, he should have said that he is scrapping the 2p rise rather than merely deferring it. Businesses and motorists are being squeezed by higher fuel costs and the Government is getting an unexpected windfall due to higher duty receipts. There is no justification for a 2p rise in October."
On the wider economy, Mr Darling cut his original forecast that the UK economy would grow by up to 2.5% this year by 0.25% to 2.25%. He also said inflation would rise before returning to its 2% target in 2009 and remain on target thereafter.
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