Budget 2011: Fuel duty rise scrapped

Delivering his Budget in the Commons, Osborne said the coalition government will cut fuel duty by 1p a litre from 6pm tonight and also introduce a "fair" fuel stabiliser. Osborne said he will delay the inflation-linked rise in duty to next year and will also cancel the fuel duty escalator for the rest of the Parliament in a bid to support "hard-up" families in the UK. The fuel duty escalator will be removed when oil prices are high and replaced with a fair fuel stabiliser, announced Osborne. The move to scrap all fuel duty escalators will be subsidised by oil companies paying £2bn ...