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Call for fuel duty freeze in 2012Update 29 Nov - Chancellor's Autumn Budget Statement: The January 2012 fuel duty increase will not now occur. The August 2012 increase will be 3p only, not 5p. Our view: It's quite likely the plannned August duty increase could be scrapped in the March budget.25 Nov 2011 As we reported recently: Cost of running a car up by 14% in one year, motorists are under increasing financial pressure to keep their cars on the roads and they are looking to the Government to provide help and refrain from further fuel duty increases next year. Following a recent e-petition attracting 110,000 signatures, Conservative MP Robert Halfon tabled a Commons motion calling for action on fuel prices which, although approved by MPs, appears to have been ignored by Ministers. Halfon called on the Government to help "hard-working, vulnerable Britons" and show that it "cuts taxes for millions of British people and not just for millionaires." Treasury Minister Chloe Smith has hinted that Chancellor George Osbourne may have some good news on the issue but we will need to wait for the next Budget, suggesting that the January 3p per litre duty increase will go ahead. Certainly, this is the line Business Secreatary, Vince Cable, is publically taking although there would still be time for the Chancellor to signal some help via his autumn statement if he chooses to do this. Petrol has risen by 15p and diesel by 18p in the last year. The VAT from these increases is respectively 2.5p and 3p. The AA's President, Edmund King says that the Treasury need look no further than that "windfall" if they are wondering how to finance a fuel duty freeze. The motoring journalist Quentin Willson, spokesman for FairFuel UK, the pressure group behind the e-petition, said that he and other activists on the issue "want the whole fuel pricing issue to become open and transparent", and he argues that high fuel duty is "strangling the economy". The high cost of diesel, of course, does impact significantly on the economy and pushes up the price of food and other goods. It is partly the cause of the current 5% inflation rate and it impacts on companies' abiltities to profit and grow, which in turn effects jobs and the speed of economic recovery. The Government claims that it is listening to the plight of the hard-pressed motorist. If it is, it will do the right thing and freeze fuel duty increases in 2012. Use of the resources below should at least help to minimise your insurance costs when you compare car insurance online to find the best deal. |
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