Spring Budget

Friday 14 June 2024

The Chancellor of the Exchequer delivered his Spring Budget on 6 March, in which he froze fuel duty and maintained the 5 pence per litre cut for an additional 12 months. Logistics UK had been campaigning for this at a time when the industry is facing increasing cost pressures from rising wage and fuel costs. Maintaining the fuel duty cut provides logistics businesses with more certainty as they drive the transition to a greener economy.  As called for by Logistics UK, the Chancellor also announced that HM Treasury would maintain the difference between road fuel gas and diesel duty rates until 2032.

In a move that may benefit the logistics sector in the future, the Chancellor committed to publishing draft legislation and a consultation on extending full expensing to leased assets. If implemented, it would support the transition to more expensive electric vehicles for the many logistics businesses that lease their vehicles.  Logistics UK had been pushing for this policy change from government on behalf of members.