Insurance costs could climb next year although fuel duty will remain frozen, it was confirmed in this afternoon’s Autumn Statement. Chancellor of the Exchequer Philip Hammond announced that insurance premium tax will increase from 10% to 12% in June 2017. He said: “Insurance premium tax in this country is lower than in many other European countries, and half the rate of VAT. “In order to raise revenue, which is required to fund spending commitments I am making today, it will […]
FairFuelUK (FFUK) joined forces with fifty MPs yesterday to present an independent economic report to the Treasury, which argues that cutting fuel duty will boost the haulage industry and the wider economy.
Fuel duty will remain frozen this year, announced Chancellor of the Exchequer George Osborne in his Summer Budget this afternoon, following speculation that it would be increased.
The price of fuel has little effect on the profitability of logistics companies and isn’t the primary cause of failures in the industry, the Motor Transport Directors’ Club was told last month.