Good news at the petrol pumps will cost Treasury Ã£2 million

Thu, 06 Dec 2012

The Treasury Minister has given his reaction to the UK’s Autumn Statement revealed yesterday.

Minister Teare said the aims of encouraging work, paid for by restricting the rising cost of benefits for certain groups is very much an objective shared by our government.

There are implications for the Isle of Man however after it was announced that the 3p rise in fuel duty will be scrapped from January.

Although good news for the Island’s motorists it is expected to cost treasury around £2 million a year.

The statement will now be subject to further scrutiny by Treasury officers to see if there are any other areas of interest relating to the Isle of Man.