UK cuts taxes, slashes fuel tax by most on record to fight cost of living crisis

Fuel tax cut latest news: As Rishi Saunak laid out UK's spring budget the plan was clear, it was a fire fighting mission against soaring prices leading to a cost of living crisis in Britain.

Rishi Sunak announced a $7.9 billion tax cut for workers, slashed fuel duty by a record amount and signaled a future reduction in income tax. The UK Chancellor made dramatic cuts as citizens face the most severe price rise in 30 years. Britain’s inflation rate surged to 6.2% and is expected to sky rocket to 8.7% by year end which would be the highest since 1982.

Britain now has the second-highest annual inflation rate among G7 countries, behind only the United States as global commodity and energy prices soar, escalated by Russia’s invasion of Ukraine.