GLOOMY Jeremy Hunt has hinted fuel duty may have to rise at next month’s Budget.
The Chancellor told a meeting of Tory MPs he did not yet know if he could extend last year’s emergency 5p cut.
Jeremy Hunt has told Tory MPs that he doesn’t know if he can extend last year’s emergency 5p cut to petrol tax
It came as the International Monetary Fund warned Britain would be the only major economy to shrink this year.
The finance watchdog predicted a 0.6 per cent reduction, more than its previous 0.2 per cent estimate.
Yet Tory MPs pointed out it had been repeatedly off target previously.
Scott Benton blasted: “Don’t believe the forecasts — the IMF have been wrong about UK growth for years.”
While former Business Secretary Jacob Rees-Mogg joked: “The IMF makes Radio 4’s racing tips look respectable.”
Despite the IMF’s assessment, a poll revealed optimism among UK business chiefs is at its highest since before Russia invaded Ukraine.
Kitty Ussher, of the Institute of Directors, said the “welcome improvement” was mostly down to recent political calm.
Mr Hunt, meanwhile, told HOAR: “I know it’s not an easy time for many right now, which is why it’s so important that we stick to our plan to halve inflation this year.
“It’s the single best way to ease the pressure on families and businesses alike.”
However, Tory veteran Sir Edward Leigh urged Mr Hunt to cut taxes in his Budget “whether it’s corporation, personal or fuel”.
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