Fuel Prices cut in the Budget

The video discusses George Osborne's budget measures to provide relief from record fuel prices, including a reduction in fuel duties and the introduction of a fuel stabilizer. Public reactions are mixed, with some drivers expressing relief and others feeling the measures are insufficient. The impact on the haulage industry is significant, with companies reducing their fleets due to high fuel costs. The budget's implications include potential revenue loss for the Treasury, offset by increased taxes on North Sea oil producers. The future outlook suggests the fuel duty escalator may return if oil prices drop significantly.

What immediate action did George Osborne's budget take to address fuel prices?

• Removed all fuel taxes

• Introduced a new tax on diesel

• Reduced fuel duties by 1 pence

• Increased fuel duties

How did the introduction of the fair fuel stabilizer aim to help motorists?

• By increasing fuel prices

• By stabilizing oil production

• By cutting fuel taxes if oil prices rise

• By providing free fuel vouchers

What was the general sentiment of the drivers interviewed about the budget cuts?

• They felt the cuts were insufficient

• They were unaware of the changes

• They were very satisfied

• They were indifferent

What impact did soaring fuel prices have on Diovan's haulage company?

• It started a new business

• It increased its profits

• It had to reduce its fleet size

• It expanded its fleet

Under what condition will the fuel duty escalator be reintroduced?

• If fuel consumption decreases

• If the economy grows by 5%

• If oil prices fall below $75 a barrel

• If oil prices rise above $100 a barrel