Preview of the Budget 2016

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Budget 2016 briefing. More
Budget statement on Wednesday 16th March 2016
Chancellor George Osborne is due to present his annual Budget to the House of Commons on Wednesday 16th March 2016. He will only receive the latest independent projections for the UK economy from the the Office of Budget Responsibility (OBR) next week, barely a week ahead of the Budget, so it's likely some last minute adjustments to his tax announcements will be needed to keep his deficit reduction plan on track.
The concern is that after five years of a fuel duty freeze and with fuel prices around a £1.00 a litre or less, raising fuel duty may be an option he will have to use.

What could we see of interest to classic car enthusiasts? Well over the last four years we have seen fuel duty frozen and VED exemption reintroduced for classic car owners on a rolling 40 year basis, both measures that have been a real benefit for classic car enthusiasts. The fuel duty freeze has meant the cost of a typical tank of petrol is £10 lower than it would have been had he not frozen the duty increases planned by the last Labour government. So that has been a real benefit for motorists - for a typical 12,000 mile pa motorist that could be an annual saving of £285, more for a two car family, and for an MGV8 enthusiast possibly £124 pa.

As usual we will have a prompt report on the Budget and the measures announced of interest to classic motoring enthusiasts. That report will be posted here within an hour or so of the Chancellor sitting down in the House of Commons. Full details of those announcements will be available on the GOV.UK website following the Chancellor's statement to Parliament.

See press views on the forthcoming Budget. Daily Telegraph & Financial Times

Follow it live on BBC. Budget 2016

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