FairFuelUK (FFUK) has warned chancellor George Osborne that ending the five-year freeze on fuel duty in the Budget this Wednesday (16 March) would slow down UK economic growth. The campaign group fears that fuel duty is seen as a soft target for additional tax revenue by the chancellor who is faced with an £18bn black hole in the public finances and a potential debt overshoot of £50bn by 2020. In the absence of a duty announcement during last year’s autumn […]
The chancellor Philip Hammond has frozen fuel duty, the HGV Road User Levy and vehicle excise duty (VED) in today’s budget but had little to offer in regards to tackling the UK’s chronic congestion.
Home delivery specialist Hermes has branded the Chancellor’s decision to implement a 3ppl rise in fuel duty as “a disaster for the haulage sector”. Jon Tobbell, commercial director at Hermes, says: “Whilst we welcome the freeze in Vehicle Excise Duty, it pales into significance when compared to the pain being experienced by hauliers as a result of the rising price of fuel. “At Hermes we have seen a 30% increase in fuel costs and now spend well over £10m annually. […]
The Chancellor turned his back on the road transport industry in the Budget, announcing August’s 3.02ppl increase in fuel duty will stay. MT takes a look at the economic case against this decision. The price of bulk diesel has climbed 18.9% in the past 18 months, to reach a record high of 117ppl. Meanwhile, companies have continued to go to the wall, with Hull-based AR Lunn the latest failure. Predictably, rising fuel costs were a main reason why 115 employees […]