Get our daily email briefing straight to your inbox Sign up Thank you for subscribing We have more newsletters Show me See our privacy notice Invalid EmailMotorists face a 2p hike in fuel duty next year to pay for the black hole left in the nation’s finances by Covid. But the good news is that it will allow Chancellor Rishi Sunak to put off any further tax rises for two years. “He can then raise any extra he needs in 2022 and cut taxes again in time for the 2024 General Election. But with interest payments now at 0.3 per cent, Mr Sunak needs just under £1billion a year to finance the loan – which is what 2p a litre on motor fuel will raise. Mr Sunak has put off November’s budget until next year, which is when the new fuel tax rate will be introduced.

Source: Daily Mirror September 26, 2020 21:21 UTC