Highlights

  • Sunak plans to double the government’s household support fund to £1 billion for those affected by higher energy costs
  • UK inflation shot up faster than expected last month to hit a new 30-year high,

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

Chancellor Rishi Sunak:  “Not by one, not even by two, but by 5p per litre. The biggest cut to all fuel duty rates – ever.

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.

Frequently Asked Questions

The primary goal of Rishi Sunak's spring budget was to combat the cost of living crisis by addressing soaring prices.

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