Britain would boom if fuel duty was cut, report claims
By: Chris Taylor
02 March 2012
Cutting fuel duty by just 2.5p could save UK truck operators £300 million a year and produce up to 180,000 new jobs, an independent report claims.
According to the Centre for Economics and Business Research (CEBR), the tiny cut would even boost the nation's gross domestic product (GDP) by 0.33 per cent. All of this, it said, can be done without spending any cash at all.
A larger cut of 5p would bring even greater benefits, Commercial Motor reports. It would create nearly a quarter of a million jobs (210,000) - a number of which are likely to be in driver recruitment posts - albeit at a cost of £1 billion. However, this sum would quickly pay itself of, as increased levels of business confidence and consumer spending kick in.
FairFuelUK (FFUK), an organisation backed by the Road Haulage Association, RAC and Freight Transport Association, is just one industry body that welcomed the research.
Its national spokesman Quentin Willson, who has long campaigned for a drop in fuel duty, told This Is London: "This conclusively backs up our claim that a cut in fuel duty will boost the economy without harming Treasury revenues."
The report comes just days after petrol prices rocketed to a record high of 116p per litre.
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