FUEL CAMPAIGNERS MEET WITH TOP TREASURY TEAM
Monday, 29 October saw the FairFuelUK campaign group, together with RHA Chief Executive Geoff Dunning, meet in London for discussions with Chief Secretary to the Treasury, Danny Alexander and his team of officials.
“The Minister listened carefully to what we had to say”, said RHA Chief Executive Geoff Dunning. “He was also pleased to receive a copy of the report by the National Institute of Economic and Social Research, commissioned by the RHA, which pulls no punches regarding the case for urgent action over fuel duty”.
The report clearly states that a 3ppl duty rise in January will
- Cut 35,000 jobs
- Cut growth by 0.1%
- Will improve the fiscal deficit by only £880M (40% less tax revenue that Government predictions and is in stark contrast to forecasts that every 1ppl duty increase would raise £500M.
- Every household will feel an even great strain on their finances
- The Bank of England could be forced to raise interest rates earlier than currently expected.
However, if the contents of the RHA-funded report are acted upon, a fuel duty cut of 3ppl, would
- Create 70,00 jobs
- Boost the economy by 0.2% - essential at a time when financial growth is so critical
- Reduce the fiscal position by £1800M – significantly less that the £3 billion the Treasury would expect.
“We left the Treasury team in no doubt as to the plight of both the motorist and the haulier and it is now vital that we see a stop to an increase in January,” Geoff Dunning continued. “We made our case clearly, and honestly. To have the additional backing of a professional report that presents a firm and positive case to address fuel duty as a matter of extreme urgency strengthens our case for action”.
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