SAVE RISHI: Chancellor cuts fuel tax by 5p, vows to HELP wretched Brits

CHANCELLER Rishi Sunak is set to cut fuel tariffs by at least 5p today to help poor motorists across Britain.

It is expected to cut the hated 57.95p levy in the first cut since 2010 and an 11-year freeze.

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SAVE RISHI: Chancellor cuts fuel tax by 5p, vows to HELP wretched Brits

Rishi is also set to unveil new plans to help distressed households and is expected to pledge to ‘support’ British families amid a deepening post-pressure cost-of-living crisis.

There are also unconfirmed reports that Rishi may announce plans to cut income tax by 1p next year.

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SAVE RISHI: Chancellor cuts fuel tax by 5p, vows to HELP wretched Brits

The chancellor, who will make his spring announcement on Wednesday, will link the strengthening of the UK economy to countering Russian President Vladimir Putin’s invasion of Ukraine.

Kremlin rhetoric aside, Mr. Sunak will be forced to address the crisis at home — Labor has dubbed him a “high-tax chancellor” and the Small Business Federation (FSB) has urged him to provide more help.

It has been suggested that Mr. Sunak might try to alleviate the burden on the taxpayer by lowering the fuel duty and raising the income threshold at which people start paying national insurance.

The Financial Times said last night that forecasts in the report would show the deficit this year to be better than expected at £20bn.

He is also expected to tell MPs in the House of Commons that having a strong economy is vital to fighting Moscow’s aggression.

“So when I talk about security, yes, I mean the reaction to the war in Ukraine,” he is expected to say.

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SAVE RISHI: Chancellor cuts fuel tax by 5p, vows to HELP wretched Brits

“But I also mean the security of a faster growing economy, the security of more resilient public finances, and the security of working families as we help cover the cost of living.”

Those struggling to pay their energy bills will be hoping for renewed support from the chancellor as charity Citizens Advice said it “continues to break unwanted records…with more food bank vouchers and charitable support referrals than ever before.” or from the start of the pandemic.

Dame Claire Moriarty, the organization’s chief executive, said: “In his spring statement, the chancellor has an important opportunity to stem the tide of this cost-of-living crisis.

“Increasing incentives to match inflation, expanding the warm house discount, and announcing a more generous energy discount should be high on his list.”

MPs were told on Tuesday that the measures already announced were “not enough for the scale of the crisis we are facing.”

Gillian Cooper, head of energy policy at Citizens Advice, told the Commons Committee on Business, Energy and Industrial Strategy (BEIS): “We have to recognize that millions of households are simply unable to cope with the increase in energy bills that we are.” going to see it this year.”

MoneySavingExpert founder Martin Lewis also said that energy companies increased customer direct debits disproportionately to price cap increases, even for those with credit.

The skyrocketing electricity bills faced by households are driven in part by post-pandemic growth in gas demand at lower levels of production. This was only exacerbated by the war in Ukraine.

The planned increase in national insurance contributions, combined with forecasts that wages will rise more slowly than inflation, will also hurt.

The House of Commons Library briefing said that the cost of living in the UK has been on the rise since early 2021, with inflation hitting its highest recorded level since 1992 in January this year.

The Chancellor has already announced a £200 loan to pay for gas and electricity from October, but only after the price ceiling jumps by 54%.

In addition, select households will receive a £150 council tax rebate in April.

The Treasury Department said the measures announced so far add up to around £21bn this year, including rebates, changes to Universal Credit and duty freezes on fuel and alcohol.

Mr. Sunak is also expected to share how the government plans to create a new entrepreneurial culture by helping the private sector educate, invest and innovate.

Other options available to the chancellor include adjusting VAT in certain sectors and raising benefits in line with new inflation forecasts.

Meanwhile, Labor released an analysis claiming that Mr Sunak was going to collect more taxes than any chancellor in 50 years.

They said the “high-tax chancellor” had added an additional £27.3bn to the tax burden on UK businesses and households since the 2020 budget was passed.

The party is expected to say that Mr. Sunak now faces a choice between raising government insurance to hit households further or introducing a one-time contingency tax on oil and gas producers.

Shadow Chief Secretary of the Treasury Pat McFadden said: “During the ten years of Conservative rule, the economy grew much more slowly than when Labor was in power, and it will grow even more slowly in the coming years.”

The Office of Budget Responsibility (OBR) has previously said that by the end of this parliament, the tax burden as a percentage of GDP will be at its highest level in 70 years, as Labor said no other G7 economy taxed workers. year.

Politician will be streaming the Spring Statement live from 1200 GMT on our facebook page.

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