New tax rules come into force at midnight on 4 December
Chancellor said move will mean more 'bright students from poorer backgrounds' doing further study.
High-street shops, pubs and cafes to benefit as government announces review into the tax.
UK fuel duty is currently 58p per litre for petrol and diesel.
Chancellor says money will support frontline services.
George Osborne also says the OBR estimates the jobless rate will dip to 5.3% in 2016.
The Conservative peer enjoys saying 'mad things' as a government adviser.
UK voters have become more pessimistic about the economy over the last nine months.
The Confederation of British Industry called on the Chancellor to reform the system.
The Chancellor made the announcement ahead of this year's Autumn Statement.
Shadow health secretary Andy Burnham: Only Labour can save the NHS
The thinktank urged the Chancellor to include the recommendation in his Autumn Statement.
Bank of England MPC says chancellor's fiscal measures in Autumn Statement barely change UK outlook.
Federation of Small Businesses report shows many expect to grow and hire staff in 2014.
E.on has already bumped up dual fuel prices by 3.7%.
IFS analysis of Autumn Statement shows acceleration of public spending cuts in years to 2018/19.
Share plan incentives, employee ownership tax reliefs and much more.
The move follows Chancellor George Osborne's Autumn Statement.
London property lawyer outlines concerns over Autumn Statement tax revelation.
Chancellor George Osborne's mini-budget offered glimpse of good times ahead.
PwC says George Osborne's Autumn Statement 2013 will mean newborns face a long road to retirement
Experts warn Chancellor George Osborne that he is gambling with the future attractiveness of Britain