Report on the Budget 2013

George Osborne, the Chancellor of the Exchequer for the Conservative-LibDem Coalition government, presented his annual Budget Statement to the House of Commons on Wednesday 20th March 2013. As usual we have a prompt report on the measures announced which will be of interest to the classic motoring enthusiast all within less than 30 minutes of the Chancellor sitting down in the House of Commons.

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What has been the effect of freezing fuel duty?
In his Budget Statement to the House of Commons on Wednesday 20th March 2013, George Osborne mentioned the overall effect of his series of measures in his Budget statements on motoring costs from his removal of the fuel duty escalator and the series of fuel duty increases. The fuel duty escalator increases were introduced by the previous Labour government.

Chancellor's comments on fuel duty
"We inherited a fuel duty escalator that would have seen above inflation increases in every year of this Parliament.
We abolished the escalator and we’ve now frozen fuel duty for two years. This has not been easy. The government has forgone £6 billion in tax revenues to date.

But oil prices have risen again. Families budgets are squeezed. And I hear those who want me to do more to help them get by. My Honorable Friend for Harlow has again spoken up for his hard working constituents. He’s been joined by many other Honorable Friends, like the Member for Argyll and Bute. We’ve all listened to the people we represent.

Today, I am cancelling this September’s fuel duty increase altogether. Petrol will now be 13 pence per litre cheaper than if we had not acted over these last two years to freeze fuel duty. For a Vauxhall Astra or a Ford Focus that’s £7 less every time you fill up."

For MGV8 enthusiasts that means a saving of around £7.10 per tank. With an annual mileage of 5,000 it would provide a saving of £109 and covering 10,000 miles a saving of £218 a year.
V8 Register - MG Car Club - the leading group for MG V8 enthusiasts at www.v8register.net