
Millions of UK drivers could benefit from Rachel Reeves' policy
The decision will maintain the current 5p per litre cut introduced in 2022, despite calls to increase the tax to address public finance shortfalls.
Maintaining the freeze and the existing cut is estimated to cost the Treasury around £5 billion annually.
Treasury sources indicate that a hike in fuel duty will not be part of Ms Reeves' Autumn Budget, as she believes it would be the 'wrong choice' for working people.
Analysis by a think tank suggests that continuous freezes and cuts to fuel duty since 2012 will have cost the government over £200 billion by 2028.
Hashtags

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles

Finextra
11 minutes ago
- Finextra
Finova appoints Gareth Richardson from Thought Machine as new CEO
Finova, the UK's largest cloud-based mortgage and savings software provider, has today announced the appointment of Gareth Richardson as its new Chief Executive Officer (CEO). 0 Gareth brings a wealth of experience in banking and technology, positioning him ideally to lead Finova through its next stage of growth and innovation. Gareth joins Finova after six and a half years at retail banking technology firm Thought Machine, where he served as Chief Operating Officer and Deputy CEO. During his tenure, he played a key role in scaling the company into a globally recognised leader in cloud-native banking infrastructure, helping to redefine the industry's approach to real-time, cloud-based systems. His appointment marks a defining moment for Finova. Over the past 12 months, the company has completed its transition to a fully SaaS-based product suite, secured strategic investment from Bain Capital's Tech Opportunities business and Octagon Capital, and merged with MSO under the Finova brand. It has also sustained commercial momentum, recently signing a landmark five-year partnership with Aldermore to deliver mortgage origination and servicing across buy-to-let, commercial real estate, and residential lending via Finova's cloud-native lending platform. Gareth's arrival follows a wave of senior leadership hires and promotions, including Richard Marsh as Chief Customer Officer, Rowan Clayton as Chief Product Officer, and Richard Bolger as Chief Human Resources Officer. Pranav Sood, Operating Partner at Bain Capital, said: 'We are delighted to welcome Gareth to Finova at this exciting juncture. Under its current leadership, Finova has built a market-leading business that now powers one in five mortgage originations in the UK. Gareth's proven track record in scaling fintech companies, coupled with his deep technical expertise, makes him exceptionally well-suited to guide Finova's continued evolution and deliver lasting value for our customers and stakeholders.' Paraag Dave, Non-Executive Director of Finova and Managing Partner at Octagon Capital, said: 'Over the past few years, we have laid the foundations to enable Finova to scale. With these foundations firmly in place and a strengthened senior leadership team focused on product innovation and customer success, this is a perfect time to welcome a new CEO. Gareth's vision and operating expertise are an ideal fit for Finova, and I look forward to working with him in the years ahead.' Gareth Richardson, CEO of Finova, said: 'The fintech industry is entering a new era, driven by advances in AI and rapidly changing customer expectations. It's a privilege to lead Finova at such a pivotal time. 'As the UK's largest mortgage and savings technology provider, we're uniquely positioned to capitalise on our scale and market experience to help customers navigate this shift. I'm excited to be joining a team of deep experts who bring real insight, energy, and ambition to this challenge. 'By accelerating the move to SaaS and working in close partnership with lenders, brokers, and customers, we'll deliver the innovation needed to meet rising expectations — creating smarter, faster, and more personalised experiences for all.'


Powys County Times
12 minutes ago
- Powys County Times
UK borrowing higher than forecast in June as debt interest costs soar
Chancellor Rachel Reeves is facing further pressure over the UK's public finances after official figures showed higher-than-expected government borrowing last month due to soaring debt interest payments. The Office for National Statistics (ONS) said June borrowing rose to £20.7 billion last month – £6.6 billion higher than a year earlier and the second highest June borrowing since records began, only behind that seen in 2020 at the height of the pandemic. The ONS said interest payable on debt jumped to £16.4 billion due to a large rise in Retail Prices Index (RPI) inflation impacting index-linked government bonds. June borrowing was higher than the £17.6 billion expected by most economists and the £17.1 billion forecast by Britain's independent economic forecaster, the Office for Budget Responsibility (OBR). Borrowing for the first three months of the financial year to date stood at £57.8 billion, £7.5 billion more than the same three-month period in 2024. Richard Heys, acting chief economist at the ONS, said: 'The rising costs of providing public services and a large rise this month in the interest payable on index-linked gilts pushed up overall spending more than the increases in income from taxes and national insurance contributions, causing borrowing to rise in June.' The ONS said so-called compulsory social contributions, largely made up of national insurance contributions (NICs), jumped by £3.1 billion to £17.5 billion last month – the highest ever recorded for June. In the first three months of the financial year to date, these compulsory social contributions rose to £48 billion, up £7.5 billion year on year and marking another record. It followed the move by Rachel Reeves in April to increase NICs for employers, which has seen wage costs soar for firms across the UK as they also faced a rise in the minimum wage in the same month. Public sector net debt, excluding public sector banks, stood at £2.87 trillion at the end of June and was estimated at 96.3% of gross domestic product (GDP), which was 0.5 percentage points higher than a year earlier and remains at levels last seen in the early 1960s. Darren Jones, Chief Secretary to the Treasury, said: 'We are committed to tough fiscal rules, so we do not borrow for day-to-day spending and get debt down as a share of our economy.' But the figures will stoke fears the Government will be forced to hike taxes in the autumn budget. Economist Rob Wood, at Pantheon Macroeconomics, said the Chancellor has a 'major problem' to overcome, 'created by U-turns on previously planned spending cuts and possible downgrades to OBR growth forecasts this autumn'. He said: 'We estimate that the Chancellor's £9.9 billion of headroom has turned into a £13 billion hole, meaning that Ms Reeves would need to raise taxes or cut spending by a little over £20 billion in the autumn budget to restore her slim margin of headroom. 'We expect 'sin tax' and duty hikes, freezing income tax thresholds for an extra year in 2029 and a pensions tax raid – reinstating the lifetime limit on pension pots and cutting relief – to fill most of the hole.' Shadow chancellor Sir Mel Stride said: 'Rachel Reeves is spending money she doesn't have. 'Debt interest already costs taxpayers £100 billion a year – almost double the defence budget – and it's forecast to rise to £130 billion on Labour's watch.'


Metro
12 minutes ago
- Metro
Does anyone know anything about the Tories in the shadow cabinet? Try our quiz
It's been a bit of a struggle for the Conservatives to capture much attention since last year's election – but that could change later today. Leader Kemi Badenoch is reshuffling her shadow cabinet after Edward Argar, who was shadowing Health Secretary Wes Streeting, announced he was stepping down for health reasons. There's been a bit of buzz around the fact Sir James Cleverly will be returning to a front bench role after he dramatically lost a spot in the final two of the Tory leadership race last year. But with Prime Minister Keir Starmer suggesting Reform are the real opposition, and with the party consistently third in the polls, we wanted to check just how well people know the current shadow cabinet. Test your knowledge with our questions below – and let us know how you get on in the comments. Answers are at the bottom, but no cheating . 1. Starting with a big one – what is the name of the shadow chancellor? Craig Munro breaks down Westminster chaos into easy to follow insight, walking you through what the latest policies mean to you. Sent every Wednesday. Sign up here. 2. Who is this and what is his role? a) Shadow Housing Secretary Kevin Hollinrake b) Shadow Home Secretary Chris Philp c) Shadow Chief Secretary to the Treasury Richard Fuller 3. He's gained a high profile for his social media presence, but what is Robert Jenrick's role in the shadow cabinet? 4. Who is this and what is her role? a) Shadow Work and Pensions Secretary Helen Whately b) Shadow Environment Secretary Victoria Adkins c) Shadow Energy Secretary Claire Coutinho 5. It's been a big week for defence after the Afghan data breach, but what is the name of the shadow defence secretary? 6. She's remembered for her roles in previous governments, but what is Dame Priti Patel's role in the shadow cabinet? 7. Often facing off against Labour's Jonathan Reynolds, what is the name of the shadow business secretary? 8. Who is this and what is his role? a) Shadow Scotland Secretary Andrew Bowie b) Shadow Transport Secretary Gareth Bacon c) Shadow Culture Secretary Stuart Andrew 9. Alex Burghart MP has two roles in the shadow cabinet – name one. 10. How do you pronounce leader Kemi Badenoch's surname? More Trending a) BAD-enoch b) BAYD-enoch *** Answers Sir Mel Stride Shadow Home Secretary Chris Philp Shadow Justice Secretary Shadow Energy Secretary Claire Coutinho James Cartlidge Shadow Foreign Secretary Andrew Griffith Shadow Culture Secretary Stuart Andrew Shadow Northern Ireland Secretary or Shadow Chancellor of the Duchy of Lancaster BAYD-enoch Get in touch with our news team by emailing us at webnews@ For more stories like this, check our news page. MORE: His opinions 'were miles away from objective reality', readers talk about Tebbit MORE: Palestine Action supporters arrested after defying terror ban with protest