LONDON, May 20 -- The government of the United Kingdom issued the following news:
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Costs lower for millions of drivers as government holds pump prices down,extending the5pfuel dutycutuntiltheend of year
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Hauliers get a 12-month road tax holiday saving up to £912pervehicle,reddiesel slashed to its lowest rate in over 20 yearsuntil the endof the year
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Chancellor keeps taxes downfor driversafterstronggrowthat the start of the year,showinggovernment has right economic plan.
Britain's motorists and businesses will get help with rising prices at the pumpswitha targeted package tokeeptaxes down andsupport peoplewiththe impact of war in Iran.
TheGovernmenthastoday (May 20) announced,the5pcutonfuel dutywillbe extendedfor the rest of the year.
In total,by the end of this yearthecutwillhavesavedtheaverage driver£120since2025.This ensures fuel duty on petrol and dieselremainsat its lowest rate for over 16 years.
The conflict has also pushed up costs for hauliers who keep Britain's shelves stocked and its economy moving. The Chancellor is giving them a 12-month road tax holiday - meaning they will pay £1 at renewal, saving £600for a typical heavy lorry and £912for the biggest vehicles on the road.
Farmers, rail freight, and other red diesel users will also see their fuel duty cut by over a third until the end of the year. This is the lowest rate in over 20 years, helping to keep the cost of doing business down ata difficult timewhen red diesel prices are around 50% more than their pre-crisislevels.
Since the start of the Iran conflict, the government has been clear that it will not make kneejerk decisions thatcouldimpacton financial stability. The package of support brought forward istimelyand targeted.
Prime Minister Keir Starmer said:
I know many are feeling the pressure of energy and fuelcosts, andare worried about how the conflict in Iran will affect their finances. Because when global events drive up prices,it'sworking people who feel it first.
That's whythis government isstepping in to keep fuel costs down for millions of drivers and putting money back in the pockets of working people.
Chancellor of the Exchequer Rachel Reeves said:
I'm keeping taxes down for drivers and businesses - putting money in the pockets of millions of workersand cutting costs for farmers and hauliers.
The war in Iranis pushing upfuelpriceshere at homebut afterstrong growthat the beginning of the year, Iam stepping in toprotect people at the pump
By protecting households and businesses we are building a stronger and more secure economy for Britain. That is the right economic plan.
Disclaimer: Curated by HT Syndication.
