LIVE: Sunak uses Spring Statement to slash fuel duty as cost of living soars

Sunak kicked off the statement by praising the courage of Ukrainian citizens as they continue to resist the Russian invasion, stating that “the sorrow we feel for their suffering and admiration for their bravery is only matched by the gratitude we feel for the security in which we live”.

“What Putin sees as division, we see as debate. What he sees as chaos, we see as creativity,” he went on.

He argued that it is the “strength of our economy” that allows the UK to maintain its security.

The chancellor’s first key announcement, trailed in the media over the past few days, was a cut to fuel duty by 5p a litre. Sunak said this cut will be “worth more than £5bn, and it will take effect from 6pm”.


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The cut will last until March 20,23.

However the chancellor admitted that his actions were not “cost-free”.

He highlighted the Russian invasion of Ukraine as posing a risk to Britain’s economic recovery following the pandemic, admitting that the Office for Budget Responsibility forecasts  3.8% growth this year.

He said the government was in a position to cut VAT on energy efficiency measures and that they will be reduced to zero on energy saving tech such as  solar panels. He said that the cut will be for 5 years and will not apply to Northern Ireland because of the ongoing Protocol. However, NI will receive equal funding.

The chancellor said the cut meant that an average family could save £1,000 on installation of solar panels and as much as £300 a year on their overall energy bills.