"Rachel Reeves could calm inflationary pressure and protect the economy from recession by cutting fuel duty now and promising to scrap any increase in this regressive tax in the lifetime of this Parliament. The world's highest taxed drivers deserve relief from the high costs of an essential resource, and the economy needs a boost by increasing consumer spending and lowering costs for small businesses."
"When asked whether they had noticed significant increases in pump prices at their usual fuel stations before wholesale price hikes, 43.1% answered yes, 51.7% said they didn't know, and 5.2% said no. Among those who responded yes, 83.7% believe that Shell, BP, Esso, and Texaco had the highest pump prices and had raised prices on existing fuel stocks."
"When drivers were asked how they would be affected if pump prices increased by over 20p per litre, 70.7% said they would cut back on spending on hobbies, dining out, and entertainment. Additionally, 59.8% would reduce purchases of branded foods, indicating widespread economic impact across consumer spending categories."
The FairFuelUK Fuel Price Crisis Survey of 37,000 drivers reveals significant fuel price increases, with petrol up nearly 10p per litre and diesel up 14p per litre. If prices rise beyond 20p per litre, economic recession is likely as consumers reduce spending on food, hobbies, and entertainment. Major oil companies including Shell, BP, Esso, and Texaco are perceived as having the highest pump prices and raising prices on existing stock before wholesale increases. Supermarkets show lower prices overall, though Asda and Tesco implemented unusually rapid increases. The survey indicates 70.7% of drivers would cut discretionary spending and 59.8% would reduce branded food purchases if prices exceed 20p per litre. Recommendations include cutting fuel duty, removing VAT on fuel duty, and implementing transparent pump pricing mechanisms.
Read at London Business News | Londonlovesbusiness.com
Unable to calculate read time
Collection
[
|
...
]