CHANCELLOR MUST CUT VAT ON FUEL TO KEEP INFLATION IN SINGLE DIGITS
Ahead of the Chancellor’s Spring Statement, I again raised the issue of VAT on fuel duty.
The cost of petrol and diesel in the UK is hitting an all-time high and, while fuel duty remains at 58 pence per litre, drivers are taxed an additional 20 per cent VAT on that payment - in effect, a tax on a tax.
Rising fuel costs don’t just impact on motorists, as increased transportation costs for goods and services hits businesses, driving up the cost to the consumer and accelerating rising inflation across the whole economy.
Meanwhile the UK Treasury is in receipt of billions of pounds in additional revenue in VAT receipts as fuel prices rocket
If the UK Government is serious in helping households through the cost of living crisis and supporting businesses, it must do is cut VAT on petrol and diesel to help keep inflation in single digits.
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