The Freight Transport Association has expressed disappointment that the Chancellor did not reduce fuel duty by three pence per litre in today’s Budget, saying the move would have helped boost the UK economy.
FTA reckons that a 3ppl cut would save around £350 million a year, and had asked the Chancellor George Osborne to consider reducing road fuel duty as part of its pre-Budget submission.
It said this would ease cost pressure on businesses operating commercial vehicles and in turn stimulate economic growth.
“The Chancellor has kept his promise to freeze fuel duty and industry will be £187 million a year better off for that, but he missed the opportunity to stimulate the economy further by reducing fuel duty and putting around £690 million into the pockets of families and British business,” managing director of policy and communications at FTA, James Hookham.
“This could have given a further stimulus to the economy and locked in the positive growth already achieved.”