Skip to content
Cripto.ico news

Bitcoin US$ 79,845 -0.76%

UK Government Freezes Fuel Duty and Cuts Import Tariffs

Budget measures aim to ease cost of living through import tax cuts and new benefit rules.

Macroeconomics Editor: Fabricio Marcilio 1 min read

UK Government Freezes Fuel Duty and Cuts Import Tariffs
Illustration criptoiconews.com.br

The British government announced the removal of import tariffs on over 100 products including jams and preserves. Chancellor John Healey stated that the measure aims to provide financial relief to families facing rising living costs. The decision comes amid global inflationary pressures caused by international conflicts.

The budget will also maintain the fuel duty freeze and the 5p per liter discount. The government intends to make tax-free mileage rates for workers permanent. These actions seek to mitigate the effects of high energy and transport prices on household budgets.

New guidelines for the carer's allowance were established to prevent the total loss of benefits when income limits are exceeded. Self-employed parents will now be entitled to two weeks of paid paternity leave. The government also plans to expand the network of post office collection points to facilitate parcel shipping.

Reports suggest that the pace of minimum wage increases for 18 to 20-year-olds may slow down. The proposal suggests a 3.9% adjustment for this specific group. This move contrasts with the significant increases implemented by the government since taking office.

Opposition politicians criticized the measures as insufficient given the current tax burden. The government argues that while it cannot control global events it is acting where it can reduce direct impacts. The set of rules will be detailed in the official budget presentation.

Share

Spotted an error? Write to suporte@criptoico.com.br.

More in Macroeconomics

  1. UK Businesses Face Worst Financial Crisis in Two Decades

    The number of distressed companies in the UK hits 738,000 as the government prepares a new budget

    Macroeconomics

  2. Treasury Holdings Hit Two-Year High

    Dealer funding capacity is under scrutiny ahead of October 30 maturities.

    Macroeconomics

  3. German Business Confidence Rises in October

    The ifo index reached 90.2 points

    Macroeconomics

Privacy preferences

criptoiconews.com.br does not use cookies. What you see below stays in your browser and is never sent to us.

Saved in this browser: nothing.

Privacy policy Cookie policy