statement in November 2015. More
in March 2015 - see our report. More
a guide to Budget statement buzzwords. More
2016 briefing. More
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
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.
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
it live on BBC. Budget 2016