Institute of Directors: Chancellor has made 'the right decision' on fuel duty

Simon Walker, Director General of the Institute of Directors has responded to the Chancellor’s decision to scrap the 3p increase in fuel duty planned for August, saying that it was "welcome news" for the economy.

In our pre-budget survey, freezing fuel duty was at the top of our members’ wish-lists for improving the UK’s competitiveness, so this is welcome news.

Increasing the cost of making deliveries or of staff getting to work was only going to harm the economy, and many will be relieved that the rise has been cancelled.

The Chancellor has made the right decision, and the wheels of commerce will turn more smoothly as a result.

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Fuel duty increase cancelled

The Chancellor has scrapped August's planned 3p rise in fuel duty and frozen the tax for the rest of this year. The £550m cost of the change will be paid for by departmental savings across Whitehall.