MPs lend support to FairFuel campaign for Autumn Statement fuel duty cut
Today (9 November) will see MP Jason McCartney, Conservative Parliamentary candidate for the Colne Valley constituency, with other MPs from all parties and senior executives of the Freight Transport Association (FTA) and Road Haulage Association (RHA) deliver a letter to George Osborne calling for a 3p cut in Fuel Duty.
The campaign added that UK diesel prices are now the highest of the 56 countries in Continental Europe.
Howard Cox, founder of FairFuelUK, said: “These detrimental rankings for pump prices in continental Europe are solely due to the UK having the highest Fuel Duty levels in the Western World. With VAT that includes the much detested extra VAT being put on the Duty itself, 37m drivers are being punished unnecessarily.
“Mr Osborne knows very well through our extensive empirical evidence that cutting fuel duty is proven to accelerate growth in GDP, it also creates more jobs, helps inflation, increases consumer spending and business investment. These benefits have been acknowledged by the Treasury itself plus economic experts such as NIESR, CEBR, IMF and the Bank of England. In fact, in April 2014 the Treasury said that low fuel duty actually helps the wider economy and that GDP will rise by 0.5% by not enacting Labour’s previously planned fuel duty escalators, giving drivers more to spend.
"It’s no coincidence the current economic renaissance is as a result of the recent sustained period of lower pump prices.”