Fuel Card News Motoring Updates: A cut in fuel duty ‘will boost UK economy’, says The Fuelcard Company
Fuel price campaign group FairFuelUK, which is backed by The Fuelcard Company, has welcomed the findings of a major report that suggest a cut in fuel duty will unequivocally boost the UK economy.
Initial findings of the report, which is to be published this week by the Centre for Economics and Business Research (CEBR), suggest a cut of 2.5p per litre would create 180,000 jobs in the first year at no net tax loss and boost GDP by 0.33 per cent. A ‘bolder’ 5ppl cut would create another 30,000 jobs.
National spokesman for FairFuelUK, Quentin Willson, said: “We’ve been saying this all along and now we can prove it. This conclusively backs up our claim that a cut in fuel duty will boost the economy without harming Treasury revenues. Quite rightly, the Chancellor’s priority is on stimulating growth in order to pay down the deficit. Here is a way to do both.
“The Government now needs to embrace these findings and follow through on the 1p cut they made last year. The report gives economic rigour to what our supporters have known for months. Cutting fuel duty will boost growth, create jobs, and reduce welfare bills. It is also fair and progressive as it will give most help to those on low incomes.”
The FairFuelUK campaign is backed by The Fuelcard Company, Road Haulage Association, RAC and Freight Transport Association together with over 200,000 members of the public and over 150 Parliamentarians.
Jakes de Kock, Sales and Marketing Director at The Fuelcard Company, said: “The price of fuel affects UK competitiveness and raises the price of everything we buy in the shops. The UK transport sector is crumbling as our drivers pay more in tax on their fuel than those in any other European country. Taxes and fuel duty currently account for 60 percent of unleaded petrol and 58 percent of diesel, the plea for a fairer tax system for UK companies reliant on fuel to keep their businesses moving, is a worthy and necessary cause and impacts every consumer in the UK.”
Meanwhile, FairFuelUK is planning a major lobby of MPs on the issue of fuel prices on 7 March. The campaign will travel to Westminster where a public demonstration will be staged from 1pm.
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