UK Supermarkets To Make Extra Cuts To Price Of Fuel From 6pm
After today's Spring Statement announcement, a number of supermarkets have pledged to reduce fuel prices by 6p a litre
A number of UK supermarkets have announced they will make extra cuts to the price of fuel from 6pm today (Wednesday 23 March), following the government's Spring Statement announcement.
Earlier today, Chancellor Rishi Sunak shared a number of economic measures aimed to address the rising inflation in the UK, including fuel duty being cut by 5p per litre - a change that will come into effect this evening until March 2023.
He told MPs: "Today I can announce for only the second time in 20 years fuel duty will be cut. Not by one, not by even by two, but by five pence per litre. The biggest cut to all fuel duty rates ever.
"The cut will be in place till March next year, a full 12 months. Together with the freeze, it's a tax cut this year for hard working families and businesses worth over £5 billion and it will take affect from 6pm tonight."
However, a number of supermarkets have now pledged to reduce fuel prices by 6p a litre, with Asda being the first major retailer to confirm the move.
In a statement, the company said it would pass the 5p a litre reduction in fuel duty 'straight on to its customers', adding: "The supermarket will reduce the price at the pumps by 6p per litre which includes a 1p reduction in VAT."
Sainsbury's has also said it will slash petrol prices by 6p today, rolling the change out across all of its 315 garages as a means of addressing the 'challenge' posed by the cost of living crisis.
Sainsbury's boss Simon Roberts said: "We understand that the cost of living is a real challenge for many households and we are committed to helping our customers as much as we can.\
"We welcome the Chancellor's announcement today which will save motorists money and we are passing the cut to fuel duty to our customers at the pumps across every single one of our 315 forecourts from tonight."
Other measures announced by Sunak include putting a further £500 million into the household support fund to help lower income families and to cut VAT on energy saving devices such as solar panels to zero.
Doubling the household support fund to £1 billion, the extra funding will be provided to local authorities from April.
Sunak has also published a three-part tax plan, which he described as a 'principled approach' to cutting taxes.
The first part of the plan, outlined in the 2022 Spring Statement, said: "From July, taxes for working people will fall as National Insurance thresholds rise - so people can earn £12,570 free of tax, saving the typical employee over £330 a year.
"This tax cut means the UK now has some of the most generous tax thresholds in the world."
From April 2023, the second part of the plan will be implemented with tax cuts and long-term reforms to incentivise businesses to invest more in 'capital, people and ideas'.
The final part includes the first cut to the basic rate of income tax in 16 years, comprising a £5 billion tax cut for workers, savers and pensioners, which will come into effect in 2024.
Featured Image Credit: Alamy
Jess Hardiman