Last week saw the Chancellor set out his spending plans as part of his Autumn Statement. In it he outlined many of the measures he is introducing to reduce the massive deficit we inherited from the previous Government. For every four pounds that we spend as a country one pound is spent servicing the debts we have to deal with. This is one of the reasons why we are currently experiencing such tough economic circumstances. We are though trying to make sure the impact on families is as minimal as possible.
I am pleased the Government is scrapping the 3p fuel duty increase, which was due next month. This will save £144 on filling up the average family car by the end of next year. The decisions we have made on petrol tax mean that petrol will be 10p a litre cheaper than if we had not made those decisions.
We have also cut back on previous plans to increase rail fares. Rail fares will now go up by just 1% above inflation, rather than the planned 3%.
As a commuter myself, I can appreciate how difficult a strain an increase in fares can put on people who, in many cases, have no other choice than to take the train.
Unfortunately, we have a long way to go before the Country’s finances are back to where we want them to be but this help for motorists and commuters will help to alleviate some of the pain.