The Freight Transport Association (FTA) has warned the Chancellor that if he doesn’t freeze or cut fuel duty in the Summer 2015 Budget, he risks sabotaging the country’s economic growth.
The FTA, dubbed ‘the voice of the freight and logistics industry’, says falling fuel prices have played a major role in Britain’s ongoing economic recovery.
However, despite world oil prices dropping 43%, pump prices have only fallen 13% – because of the high levels of fuel taxation.
FTA Chief Executive David Wells last week wrote to the Chancellor telling him not to break his promise of holding current fuel duty rates until September.
He also warned the Chancellor that any subsequent rises “would force businesses to cut back on investment, training, efficiency improvements and modernisation.”
If fuel duty goes up, businesses will make cuts in other ways, “and that would be detrimental not only to the businesses themselves but also to the economic growth of the country as a whole.”
George Osborne, you have been warned…