Report on the Budget 2021

Posted: 220203 @ 1325

Budget Statement on Wednesday 3rd March 2021
The Budget Statement made in the House of Commons by the Chancellor of the Exchequer, Rishi Sunak MP, on Wednesday 3rd March 2021 provided an update on the Government's plans fort the next phase of the plan to tackle the virus and protect jobs. The statement was alongside the latest forecasts from the Office for Budget Responsibility (OBR). These forecasts are published alongside the Budget Statement.
Budget Statement

This Budget was an unusual one with so much going on - not least dealing with the Coronavirus problem developing rapidly in the UK, But as usual we have a prompt report on the statement made by the Chancellor with points of interest to classic motoring enthusiasts. It is released within a few minutes of his ending his statement in the House of Commons and updated later when the supporting documents were released on the GOV.UK website and could be reviewed.

Fuel duty remains frozen for the 11th year in a row - good news for motorists
After a freeze for a decade an increase in fuel duty was widely predicted but the planned increase in fuel duty was cancelled.

The outlook for the 2020 Spending Review from the Institute of Fiscal Studies or OBR data
IFS website


See a guide to Budget statement buzzwords. More... BBC NEWS briefing. More

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Fuel duty remains frozen for the 11th year
Fuel duty has been held at 58p per litre for petrol and diesel since March 2011 and estimates released by the UK Treasury indicate it has saved the average motorist £1,600 in that time. Treasury documents have said that any future change to fuel duty would be considered in the context of the UK Government's commitment to reach net-zero emissions by 2050. The Times reports that Mike Childs, head of of policy at Friends of the Earth, has said the Chancellor should have target "gas guzzling SUVs" and it's "no wonder passenger cars' contribution to the climate change crisis has barely fallen in the past decade".

Motoring groups have backed the fuel duty freeze with Edmund King, the president of the AA, saying "we are on the road to economic recovery, so this freeze on fuel duty helps to keep us on track. It will be welcomed by the car-dependent, key workers and all businesses that rely on road transport".

What's the fuel duty freeze benefit?
V8 Register - MG Car Club - the leading group for MG V8 enthusiasts at www.v8register.net