Spending Spree means Spring Budget will have to raise £60-80bn in Tax Hikes Just to Stay Still!

  |   Road Transport[1]   |   Spending Spree means Spring Budget will have to raise GBP60-80bn in Tax Hikes Just to Stay Still!

11:00 Thu 26th Nov 2020 | Posted By UKHAULIER[2]

35 mins ago

Howard Cox, Founder of FairFuelUk said: “It looks like welcome spending on roads for motorists and hauliers, but there’s no hiding the huge tax gap of up to GBP80billion to fund the Chancellor’s ‘spending heavy’ plan. Something will have to give. We have been reliably told by Treasury sources that, UK’s drivers will be taking the significant burden to pay the Nation’s way out of the Covid economic crisis.

In layman’s speak, Rishi Sunak is paving the way to hit drivers hard in the next Budget! The world’s highest taxed motorists remain the easy target! We will be fighting for UK’s 37m drivers every step of the way to get Fuel Duty reduced, and at most remain frozen, so more money is put into consumers’ pockets, small businesses and the vital haulage industry.”

Douglas McWilliams, Cebr Deputy Chair and author of the ‘Fuel Duty Hike Impact’ Report for FairFuelUK/RHA said: “The freeze on fuel duty is gradually bringing the UK rate of tax into line with the rest of Europe. It has reduced the CPI by 6.7% and raised household real incomes, especially those of poorest households, by GBP24bn. Why abandon it when taxing fuel hits the poor hardest, with the North suffering most and London least?”

RHA chief executive Richard Burnett said: “UK hauliers are responsible for keeping the UK economy moving. As the nation fights against the impact of Covid19, operators continue to work around the clock to keep shop shelves stocked and hospitals and healthcare workers supplied with PPE. With the end of the transition period fast approaching and the uncertainty that may mean for their future, for many, a fuel duty increase will mean the end of the road.

Every penny increase, either in the price of fuel or as a duty hike, adds over GBP400 a year to the running costs of a typical 44 tonne truck.

Chancellor, you need the services this industry provides more than ever.

Please, don’t make UK hauliers foot the bill for keeping the nation safe and fed.”

References

  1. ^ Road Transport (www.ukhaulier.co.uk)
  2. ^ UKHAULIER (www.ukhaulier.co.uk)

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