News Archive
Cut In Fuel Duty Could Create Jobs
March 9, 2012
With the rise in motoring costs - including road tax and car insurance premiums, it's believed that the rising cost in fuel is putting yet additional financial pressure on British motorists.
However, according to research conducted by the Centre for Economics and Business Research, if the Government were to slash fuel duty by 2.5 pence per litre this could potentially create 180,000 jobs around the UK (as well as save car insurance holders money). The research includes vital data gathered by the Office of National Statistics (ONS).
The Fair Fuel UK campaign, which is backed by a number of organisations, including the Freight Transport Association (FTA), handed over the report to Treasury Minister Chloe Smith.
The study suggests that the stimulus injected by a slash in fuel duty would be enough to offset the drop in raw fuel duty take.
James Hookham, MD of Policy and Communications at the FTA, commented that the report is "proof positive that cutting fuel duty would be a 'win-win' for business and the Government."
He added that a 2.5 pence cut in fuel duty could save truck operators as much as £300 million a year as well as create 180,000 jobs in the first year in the UK, boosting our gross domestic product by 0.3%.
Source: http://www.fleetnews.co.uk/news/2012/2/29/cutting-fuel-duty-would-be-a-win-win-for-business-and-government-says-fta/42721/