Welsh Conservatives have welcomed the cut in fuel duty in the Spring Statement after leading the campaign in Wales for the Chancellor to take action as prices at the pump continue to rise.
The Chancellor is taking direct steps to support hard-working families in Wales, in light of increased financial pressures due to the war in Ukraine, the rising price of gas and oil and shortages in goods by:
- Scrapping VAT on renewable energy sources to help homeowners to reduce their energy costs, saving £1,000 in tax and £300 in energy costs per year.
- Equalising the tax threshold at £12,570 in July before workers’ pay income tax or national insurance, saving the typical employee £330 a year.
- Cutting fuel duty by 5 pence per litre for all fuel types from 6pm this evening, only the second time in twenty years.
- Doubling the Household Support Fund to £1 billion to help those families most in need.
The announcement follows the UK Government’s action earlier in the year to give households a £150 rebate through Council Tax and a £200 energy discount in October.
Commenting on the news, Welsh Conservative Shadow Minister for Finance and Member of the Welsh Parliament for Monmouth, Peter Fox MS, said:
“The Chancellor has made it clear today he has a clear plan to tackle the cost of living by protecting jobs, growing the economy and leaving more money in people’s pockets to support family budgets. I particularly welcome the action by the Chancellor to cut fuel duty after our campaign to support hard-working Welsh families.
“However, whilst the UK Conservative Government is taking steps to support families, Labour minister in Cardiff Bay continue to play politics with the cost of living.
“We need to see more action and less words from them. If Labour in Wales were serious about easing the financial pressures on Welsh families, Labour ministers would use devolved levers and cut income tax in Wales.
“In stark contrast to Rishi Sunak in cutting the cost of politics, Labour and their nationalist coalition partners are looking to increase the number of unknown politicians in the Cardiff Bay bubble.
“The additional £12 million a year would be better spent on hundreds of extra nurses and doctors a year to tackle Wales’ NHS waiting time crises and ambulance responses times.
“Once again, Labour ministers have their priorities wrong.”
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