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Tax Tip

Fuel campaigners welcome fuel report findings

1 March 2012
A major report to be published this week by the Centre for Economics and Business Research which shows that a fuel duty cut of 2.5p per litre would create 180,000 jobs in the first year at no net tax loss.  In addition, it would boost GDP by 0.33%.

An even bolder 5p cut would cost the Exchequer around £1 Billion, a figure likely to be offset by intangible benefits of increased confidence, and 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 Road haulage Association (RHA) Director of Policy, Jack Semple commented: 
“Were the Chancellor to cut duty and scrap the 3.02 pence a litre increase planned for August, hauliers would be in a better position to invest in their businesses. The same would apply to hauliers’ customers and to the general public would be able to spend money in ways that would boost the economy”.

The FairFuelUK campaign is backed by the RAC, the Freight Transport Association (FTA), the Road Haulage Association (RHA) and the Fuelcard Company together with over 200,000 members of the public and over 150 Parliamentarians.

Tonmoy Kumar, Manager of the Accounts Department of ABDS says:
“The increase in duty, which is due to take effect in August, has already been delayed from January. Diesel and petrol are taxed at the same rate in the UK, unlike many other European countries. Fuel duty was due to go up but that was delayed by the government to try to help hauliers and motorists out.”
 

If you need any help and advice on this or any other aspect of business and financial planning contact Lavinia Newman, Stuart Coleman or Tonmoy Kumar to discuss how ABDS can help.

ABDS Chartered Certified Accountants of Southampton.
Tel: 023 8083 6900  E-mail: abds@netaccountants.net

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