Thursday 27th Oct 2016 - Logistics Manager

Chancellor scraps fuel duty hike

Chancellor George Osborne has scrapped the rise in fuel duty that was due in September.

In his budget statement today, he downgraded his growth forecast for the economy to 0.6 per cent in 2013. In December, he said growth would be 1.2 per cent.

Osborne set out a number of measures to promote growth including an extra £3bn for transport and infrastructure projects every year from 2015-16 until 2020.

In addition, he said, corporation tax would be cut by 1 per cent to 20 per cent in 2015.