Drivers breathed a sigh of relief as the freeze on fuel duty introduced in 2011 was retained, along with the previous government’s 5p ‘cost of living’ reduction, in Labour’s first budget delivered on October 30 by Chancellor Rachel Reeves.
Against a challenging economic background Reeves introduced a package of measures she described as ”restoring economic stability and turning the page on 14 years”. But while drivers escaped the price hikes at the pumps that pundits were predicting, the car industry was less happy with a huge rise in Employer National Insurance Contributions - effectively a tax on jobs.
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