OBR Forecast Fuel Duties To Continue To Rise–So Where Are All These EVs?

By Paul Homewood

The Chancellor does not seem to have got the memo about the switch to electric cars!

https://obr.uk/efo/economic-fiscal-outlook-october-2018/

The forecast from the OBR projects a steady rise in revenue from Fuel Duties, rising by 14.6% through to 2023/24.

These figures are after inflation, but nevertheless show no signs of real decline.

Whilst Michael Gove, Claire Perry and the rest of the green virtue signallers proclaim the imminent death of petrol and diesel engines, the Treasury is sticking with the real world.

2.8 Current receipts (on a cash basis)
		£ billion
		Outturn	Forecast
		2017-18	2018-19	2019-20	2020-21	2021-22	2022-23	2023-24
HM Revenue and Customs
Income tax (gross of tax credits)1		180.0	189.5	193.3	202.3	210.1	218.8	228.4
of which:
	Pay as you earn	154.3	160.9	162.9	170.3	176.9	184.2	192.1
	Self assessment	28.3	30.5	32.9	33.6	34.8	36.4	38.3
National insurance contributions		130.9	136.5	141.6	147.4	153.1	158.9	165.2
Value added tax		125.4	131.4	136.3	141.0	145.5	149.9	154.4
Corporation tax2		54.4	57.0	66.5	64.0	59.4	61.9	64.7
of which:
	Onshore	52.6	55.0	63.9	61.6	56.5	58.9	61.5
	Offshore	1.8	1.9	2.6	2.4	2.8	3.0	3.2
Petroleum revenue tax		-0.6	-0.6	-0.7	-0.7	-0.5	-0.4	-0.3
Fuel duties		27.9	28.3	28.3	29.2	30.2	31.1	32.0