The Chancellor unveiled his Autumn Statement yesterday (November 17), with the UK facing its biggest tax burden for many years. Although there were some cost-of-living aids and a rise in the Minimum Wage, millions around the country will be wondering what the real impact is on their finances.
In an hour-long speech, Chancellor Jeremy Hunt set out his plan to grapple with the financial chaos left behind by Liz Truss and Kwasi Kwarteng's mini budget eight weeks earlier. One of the points noted on page 53 of the OBR's document is the admission that forecasts assume a 23 per cent increase in fuel duty from March 2023.
Prior to the announcement, Mr Hunt had been urged not to hike fuel duty in his autumn budget. The RAC told him that increased pump prices could push inflation even higher.
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