Chancellor of the Exchequer, Rishi Sunak has delivered his first Budget setting out the Government’s fiscal priorities which include ending subsidised red diesel for yachtsmen.
Much to the ‘disappointment‘ of the British Marine Federation, the Chancellor announced that the subsidy on red diesel would be removed. It is believed the subsidy will stand or another two years, however.
Commenting on the Budget, Lesley Robinson, CEO of the BMF, said: ‘It is particularly disappointing to see the subsidy on red diesel being removed across some sectors. This subsidy is of huge importance to our members in the recreational and small commercial boating sector which is heavily reliant on the use of red diesel.
‘Our latest statistics show that participation in boating has increased over the last year and the UK’s leisure marine industry is thriving, all of which could be at risk if the Chancellor goes ahead with this decision and removes the subsidy for our sector.’