Motorists will be pleased to have heard the news that the fuel duty increase is being scrapped. This comes as a much needed relief for many after the threatened 3p per litre increase that was formally planned to come into effect in August. As recently as this past weekend was the planned increase spoken about and reinforced by Transport Secretary, Justine Greening.
However, in an unexpected turnaround the 3p rise has been, for now, scrapped. There’s now a plan to reintroduce the increase in fuel duty at some point next year. This has highlighted the government’s concerns about the increasing cost of living. Furthermore, George Osborne has explained that the price freeze will be good for economic growth: “This means that fuel duty will be 10p a litre lower than planned by the last Labour government. We are on the side of working families and businesses and this will fuel our recovery at this very difficult economic time for the world.”
Motorists, including myself, will now be breathing a sigh of relief at the great news that fuel duty is not to increase, for the time being at least.
Of course, there are a whole host of additional costs when it comes to buying and owning a car. For a start, no matter what car you own, you have to factor in the amount you may have to pay for a motor insurance quote, then there’s road tax that needs to be thought about. These are pretty large costs even before you set out for your first drive.
General car maintenance, services and repairs can also be rather costly and then there’s the cost of an annual membership to a breakdown recovery service. Running a car is therefore an expensive business!
So, it makes it all the more pleasing to hear that the cost of motoring is not to increase thanks to the postponement of the fuel duty increase. Hopefully next year there will be a further postponement of the increase. But let’s not get ahead of ourselves…