Spring Statement falls short in terms of business support

Industry would have welcomed bigger cuts as the automotive industry has faced extremely challenging conditions during the past 12 months with the well-documented supply issues affecting new car production. It wanted a more significant cut in duty following the example of the Irish government, which confirmed last week that excise duty on fuel in Ireland would be reduced by 20 cents per litre on petrol and 15 cents per litre on diesel, the cost of a 60-litre tank of petrol would have been cut by £10 and diesel by £7.50.