Chancellor George Osborne has told Conservative party members that he intends to freeze fuel duty up until May 2015, providing sufficient money can be raised. Labour had pencilled in a rise in fuel tax in September 2014, which Osborne now aims to cancel, extending a current two-and-a-half year freeze. The Chancellor said he wants British householders to 'share in the rewardsî of the economic recovery, but admitted that funds were not yet in place to pay for the freeze: 'We have to deal with our debts and see our plan through. And yes, if the recovery is sustained then families will start to feel better off. Because what matters most for living standards are jobs and low mortgage rates, and lower taxes,î said Mr Osborne. 'The battle to turn around Britain is not even close to being over. And we are going to finish what we have started. There can be no recovery for all if there is no recovery at all,î he added. Brian Madderson, chairman of the Petrol Retailers Association (PRA), welcomed the announcement: 'The PRA has been lobbying Government and the Treasury to make an early announcement about their intentions on freezing fuel duty, so it is welcoming news to hear the Chancellor's commitment. 'It will be the longest period of duty freeze - 4 years, 4months - in over 40 years if the announcement goes ahead as planned.î Fuel duty in the UK is higher than in any other major world economy, at around 42 per cent of the overall pump price, rising to 60 per cent including VAT. Tax on diesel is over 50 per cent higher than in France and Germany and five times higher than the U.S.A. Government revenue from fuel duty and road tax currently exceeds road spending by £30 billion per year; meanwhile, investment in road improvements has also fallen dramatically over the last 20 years.