The Treasury is in the process of reviewing the measures announced in the UK Autumn Statement, delivered by Chancellor Rachel Reeves in Westminster on Wednesday.

Treasury Minister Dr Alex Allinson said: ‘While planning for our own Budget next year has been ongoing for some time, it is important that the announcements and any potential impact are properly considered before finalising the details.’

In accordance with the Autumn Statement, the island increased duty rates for tobacco products by Retail Price Index (RPI, UK) plus 2% on Wednesday.

All alcohol duty rates will increase from February 1 in line with the UK RPI.

In accordance with the Customs and Excise Agreement with the UK, the island will continue to apply the cut in fuel duty by 5p per litre until September next year.