By Paul Holland, managing director for UK/ANZ fleet at Corpay, including UK brand, Allstar

Paul Holland, MD for UK/ANZ fleet at Corpay

Much of the UK – from individuals to larger corporations – is braced for the Government’s Autumn Statement on 30 October to hit hard as taxation dominates the headlines.

If there is no alternative to further austerity in the name of correcting the UK’s finances then that’s something we’ll all have to adapt to, but I believe there are two things that are required.

The first is to know that there are good times coming after these harsh economic conditions.

The second is that any cuts that are made will be proportionate and measured; that these cuts won’t cause undue hardship. Without this, how can our economy thrive?

The Government is likely to end the temporary extension of the 5p fuel duty cut that was put in place by the previous Chancellor.

While we knew this would happen at some point, the Government needs to ask itself whether now is the right time. Are there no other areas it can make cuts?

Ending the fuel duty cut would only save the Government £2bn per year, or one-eleventh of the £22bn ‘budget black hole’. This is a mere drop in the ocean compared to the £788.59bn the UK bought in via tax receipts for the 2022/23 tax year.

A cut at this time, when fuel prices are settling down after years of volatility, would harm both individual motorists and those businesses that keep the nation moving at the exact time that conditions were improving for them.

The impact that the years since Covid and the invasion of Ukraine had was immense, and the 5p cut was a small, often insufficient but still welcome relief to all who take to the UK’s roads.

Cutting it now will stop fleets from being able to rebuild after several difficult years, and we urge the Government to rethink this reported move.