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16 Aug 2012

The Olympics are over and it seems we’re back to ‘bad news Britain’! Last week, the Bank of England announced UK growth was forecast to be around zero percent and this week the rate of inflation has risen to 2.6 percent for the month of July.

That basically means we’re getting squeezed at both ends!

And, to cap it off, world oil prices are back up to levels not seen since early May, so motorists are not likely to see petrol prices fall any further this year, if anything, they’re only going to go up.

To give you some perspective about the oil price hikes, this time six weeks ago Brent crude oil was trading below $90 a barrel, this week it has risen to $115 a barrel. This means we’re likely to see that 140p sign once again looming over us at the forecourts while we fill up.

The British motorist needs some help from its Government and, while we understand rising inflation and zero growth forecasts aren’t what the Government wanted either, it can help. Our partners at FairFuelUK commissioned a CEBR report which showed a 2.5p reduction in fuel duty would stimulate the economy and generate new jobs. And, the reason we still can’t understand why this hasn’t been done, it would cost the Treasury nothing!

In fact, the Treasury would reap the benefits of lower petrol and diesel prices with a stronger economy, lower shop prices and more disposable income for the public.

So please Mr Treasurer, listen to common sense and give the people of Britain a tax break that will actually improve fiscal income!


Filed in Fuel Price Comments Off
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