Fuel Prices – What’s the Next Move?

Lobbyists gathered earlier today with the intention of convincing the Government, and George Osborne in particular, of the need to cut fuel duty in the upcoming budget. To further support their cause, a report produced by the CEBR (Centre for Economics and Business Research) was submitted with a number of bold statements. Amongst them that a 2.5 pence cut in fuel duty would create 175,000 jobs for the UK economy and a profoundly positive impact on GDP figures.

Quentin Wilson (pictured left), spokesman for FairFuel UK campaign believes this represents a clear justification that the Government can afford to cut fuel duty without negatively impacting on fiscal policy.

Recent months have seen the most stable fuel prices in some time, but fractious relations with Iran have led to inflated oil prices and a further squeeze on incomes in Wrexham and across the UK. This instability has all come at the wrong time for the Chancellor as the spotlight draws near for his impending budget.

He may point to countries in Europe such as Denmark, where fuel prices have soared recently. He can add Italy, Portugal and Sweden to the list of countries where people are paying more at the pump than we are.

This will all be of little comfort to families and businesses with a heavy reliance on fuel, and concerns over their future prospects as the squeeze continues to tighten.

So what do you think the Chancellor’s next move is? How have escalating fuel costs affected you in recent years? Can you afford to pay more? If you feel strongly about petrol prices leave a comment below or post on our forums here to start a discussion!

You can access the report from the CEBR via the following link http://fairfueluk.com/FairFuelUKCEBRreport.pdf