I've joined a campaign with over seventy Conservative Members of Parliament urging the Chancellor to keep the cost of fuel down at the Budget.
In a joint letter to Rachel Reeves, we've asked the Chancellor to consider the impact of a rise in fuel duty on low-income families, small businesses and the logistics industry.
Fuel duty has remained frozen for the last 14 years, currently standing at 6p less than when Labour were last in power. This has benefitted Britain’s 37 million motorists and businesses. However, instability in the Middle East will continue to make oil prices volatile which means it is essential the Chancellor helps to keep the cost of fuel down at the Budget.
FairFuelUK and my colleaugue Saqib Bhatti MBE MP have shown that hiking fuel duty slows economic growth, costs jobs, stokes inflation and reduces consumer spending. Latest evidence from the Centre for Economic Business Research predicts that raising fuel duty will only bring about short-term benefits for the Treasury and the long-term impact of raising fuel duty could lead to a collapse in revenue by 60%, within five years.
Analysis from FairFuelUK indicates the impact on family finances if fuel duty is increase by 5p is estimated to add £160 to annual fill-up costs, whilst the average commercial van could see costs spiral by £500. These costs would be simply unavoidable for constituents in who don’t have access to public transport.
I've also called for the Government to continue the delivery and roll-out of the Conservative Government’s PumpWatch scheme, which allowed motorists to locate the lowest forecourt pump prices and help protect motorists, families, and businesses across the UK.
