FairFuelUK strongly renews its call for the Chancellor to cut Fuel Duty, in order to slow current damaging inflationary pressure.

The rocketing price of filling up with diesel and petrol is seriously impacting the UK economy, and well as hitting low paid workers who are already struggling due to an increase in National insurance and a £20 cut to universal credit.‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌

Howard Cox, Founder of FairFuelUK says:

“With inflation jumping to its highest level in a decade as energy and fuel bills soar, we renew our supporters’ calls for the Treasury to cut Fuel Duty as a matter of top economic priority.”

“High fuel prices are not saving the planet, they are crippling small businesses and low income families. It is in the power of this Government to put cash back into all our pockets by doing the right thing and ignore the green myopic pressure to tax and tax. Time for the Conservatives to revert to type, and cut this regressive punitive levy.”

“The vast VAT windfall now filling the Exchequers coffers from the record prices at the pumps, is more than enough extra tax revenue, to warrant a decrease in Fuel Duty. India has cut taxes on petrol and diesel too, all to ease consumer bills, so let’s follow their lead! Boris this fiscal move will put you back in front of the polls too. You know it makes sense.”

“The rocketing price of filling up with diesel and petrol is seriously impacting UK’s economic recovery, through rising logistics distribution costs affecting the prices on everything we buy. This rapid increase in the cost of living will be made even worse by next year’s tax hikes for millions of households and businesses. The freezing of income tax bans will also drag more workers into the tax net.”

“By cutting Fuel Duty by at least 3p per litre will bring UK vehicle fuel taxation more in line with the average of the EU and allow businesses and logistics to invest in drivers and cleaner transport.”

To quote Craig Mackinlay MP, Chair of the Fair Fuel APPG from our recent pre-Budget press release: “Pump price rises are bad for the economy, bad for inflation, bad for business and bad for jobs. The CEBR for FairFuelUK, showed motorists in the poorest 10% of the UK population already spend proportionately twice as much of their disposable income on fuel as wealthier groups.”

Howard Cox said: “Before this damaging inflationary pressure, the 12 years freeze on fuel duty had reduced CPI by 6.7% and raised household real incomes, especially those of poorest households, by £24bn. Without the freeze in Fuel Duty, pump prices would now be close to £2 per litre. So as the Treasury knows full well, and even published, lower pump prices are good for GDP and consumer spending, ergo cutting duty will help the poor significantly, with the North benefiting most.”

RHA Chief Executive Richard Burnett said in a recent FairFuelUK Budget press release: “UK hauliers are responsible for keeping the UK economy moving. Every penny increase, in the price of fuel adds over £400 a year to the running costs of a typical 44 tonne truck. Chancellor, you need the services this industry provides more than ever. Please, don’t make UK hauliers foot the bill for keeping the nation fed.”

 

About Lisa Baker, Editor 2359 Articles
Lisa Baker is the Editor of Always Finance, and writes about Business, Finance Technology and Healthcare. Lisa is also the owner of Need to See IT Publishing.