PARLIAMENTARY WRITTEN QUESTION
Fuels: Excise Duties (30 June 2020)
Question Asked
To ask the Chancellor of the Exchequer, what recent assessment he has made of the effect on the public finances of the fair fuel stabiliser announced in 2011.
Asked by:
Dame Harriett Baldwin (Conservative)
Asked by:
Dame Harriett Baldwin (Conservative)
Answer
The government has frozen fuel duty in every year from 2011 to reduce the impact of high fuel prices on households and businesses. Without the nine years of action taken by the government, pump prices would be 23p per litre higher than they are today.
However, freezing fuel duty comes a significant costs to the Exchequer. The Government has spent £67bn on freezing fuel duty and will spend another £46bn by the end of 2025. Future fuel duty rates will be considered alongside measures that are needed to help meet the UK’s net zero commitment.
Answered by:
Mrs Kemi Badenoch (Conservative)
8 July 2020
Contains Parliamentary information licensed under the Open Parliament Licence v3.0.