Published on: 14 March 2019
In the shadow of the ongoing Brexit pantomime, Philip Hammond rose to deliver his Spring Statement on Wednesday and reply to the forecasts from the Office for Budget Responsibility (OBR).
This was, unsurprisingly, a rather low key Spring Statement which confirmed that GDP growth has been cut significantly to just 1.2% for 2019, before rising to 1.4% and then 1.6% for the next three years.
The Chancellor also announced that with wages forecast to continue growing faster than inflation another 600,000 new jobs are due to be created by 2023.
Of course, it is worth noting that all the forecasts are based on the assumption that the UK leaves the EU with a deal.
Delving into the detail of the Statement, the Chancellor also announced that a summary of responses to the May 2018 call for evidence on red diesel and air quality would be published shortly. There will be a public consultation “in the coming months” on the impact of the Government’s proposal to require diesel-powered private pleasure craft to only use full duty paid heavy oil (white diesel) for propulsion. This will replace the existing system where private pleasure craft use marked gas oil (red diesel) but pay the white diesel rate of fuel duty due.
British Marine, with the support of many of its members, submitted a significant amount of evidence during that initial call last year and worked closely with the RYA and IWA during a number of meetings with HMRC.
British Marine will continue to monitor the publication of this summary of responses and ensure collaborative engagement with members and strategic partners during the public consultation.
For more information, British Marine members can contact Brian Clark on email@example.com.
To read the Chancellor’s full statement, click here.