"Rachel Reeves is planning to hike Fuel Duty for the first time in 15 years at the worst possible moment. Last week at the Spring Statement she knew full well that global instability was pushing oil prices up again. Instead of helping families and businesses, she chose to pat herself on the back. Now motorists across the country face the double hit of rising petrol prices and higher fuel tax."
"The chancellor, Rachel Reeves, and the prime minister, Keir Starmer, indicated yesterday that the government could be prepared to intervene to protect UK households against major cost-of-living shocks to come at the next energy price cap, as Brent crude, the international benchmark, surged as high as $119.50 a barrel on Monday."
Rachel Reeves, the UK Chancellor, is under significant pressure to reverse a planned fuel duty increase set for September 2026. The 5p fuel duty cut introduced in 2022 following Russia's invasion of Ukraine was scheduled to be unwound between September 2026 and March 2027. However, escalating tensions in the Middle East, particularly the Israeli-US conflict with Iran, have prompted opposition parties to demand the government cancel this tax rise. Conservative leader Kemi Badenoch argues the timing is catastrophic, as global instability is already pushing oil prices upward. The government has indicated potential willingness to intervene to protect households from cost-of-living shocks, with Brent crude oil prices fluctuating significantly based on geopolitical developments and statements from international leaders.
Read at www.theguardian.com
Unable to calculate read time
Collection
[
|
...
]