By Paul Homewood
According to the U.K.’s budget watchdog, British motorists will be paying more for their (fossil) fuels next year. A 23% increase in fuel duty will be imposed from March, predicts a paragraph in the Office of Budget Responsibility’s (OBR) backgrounder to today’s Autumn Statement by Chancellor Jeremy Hunt.
The increase would net the U.K. government $6 billion, says the OBR. Chancellor Hunt did not mention the measure in his statement to parliament, 17 November.
“This would be a record cash increase,” said the OBR’s Economic and Fiscal Outlook published earlier today. It would raise the price of petrol and diesel by around 12 pence a litre.
Fuel duty has been frozen in the U.K. since January 2011.
In today’s statement Hunt confirmed that electric cars would become subject to vehicle excise duty, but he did not announce any plans to introduce road pricing.
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