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

via NOT A LOT OF PEOPLE KNOW THAT

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November 2, 2018 at 10:00AM

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