The Federation Of Small Businesses (FSB) is urging the government to scrap the proposed increase in fuel duty by sharing its higher than predicted North Sea Oil proceeds with hard pressed consumers, motorists and small business owners.
The FSB is also calling for an automatic adjuster mechanism, whereby extra tax revenues from higher than predicted oil prices would automatically trigger corresponding reductions in fuel duty.
John Wright, FSB National Chairman, said:
“High fuel prices are crippling small business owners in every sector and in every area of the country. Those small businesses produce over half of UK GDP and employ over 13 million people. Apart from the immediate extra costs to motorists of filling up at the pumps, spiralling petrol prices also have a knock-on effect on everybody in terms of more expensive food and consumer goods.
“The Government can do something about the situation. A mechanism which automatically uses extra oil tax revenue to reduce fuel taxes would be an efficient, effective and fair way of delivering some relief to motorists of all kinds.
“Spiralling fuel prices are having a major impact on the whole of the UK economy, of which small businesses are a significant part. The money is there to help them. The question is whether the Government will act.”
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