Fuels: Excise Duties

Treasury written question – answered on 15th October 2020.

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Photo of Sarah Olney Sarah Olney Liberal Democrat Spokesperson (Business, Energy and Industrial Strategy), Liberal Democrat Spokesperson (Transport)

To ask the Chancellor of the Exchequer, what assessment he has made of the potential annual income stream to the Treasury from fuel duty for each year between 2020 and 2030.

Photo of Kemi Badenoch Kemi Badenoch The Exchequer Secretary

The Office for Budget Responsibility (OBR) publishes revenue forecasts for all Government taxes. The most recent forecast covers the financial years 2020-21 to 2024-25. For Fuel Duty, revenue is forecast to be £27.5 billion in 2020-21, £28.1 billion in 2021-22, £30.5 billion in 2022-23, £31.2 billion in 2023-24 and £31.7 billion in 2024-25. These figures can be found in Table 3.3 on https://obr.uk/efo/economic-and-fiscal-outlook-march-2020/.

The OBR has not published forecasted tax revenues beyond 2024-25.

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