March 2022 Newsletter – Market News
Chancellor cuts fuel duty by 5p a litre
On the 24th March, the Chancellor announced that fuel duty would be cut by 5p a litre.
This change was made to try and manage the spiralling costs of fuel, largely due to the conflict between Russia and Ukraine.
In terms of what this means for motorists, it should save around £3 when filling a family car.
However, it doesn’t seem like it has had the intended effects as of yet. Petrol has fallen by less than 4p a litre, while diesel less than 3p.
Mobile phone loophole closed
In March, there was also a change in the law about using mobiles while driving.
Previously, the ban on using mobiles was only applicable to making phone calls or texting. This is because at the point of enactment, phones did not have the same capabilities they do today.
Now, all mobile phone usage is illegal, unless you are using a handsfree device, or in an emergency. Breaking this law will lead to £1000 and 6 penalty points, or even a driving ban.