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PAYING THROUGH THE NOZZLE

18th march 1993, Page 3
18th march 1993
Page 3
Page 3, 18th march 1993 — PAYING THROUGH THE NOZZLE
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Which of the following most accurately describes the problem?

• Look in any newspaper and you'll find a financial pundit. The opening story in last week's Sunday Telegraph City & Business section is a good example. According to the financial writer, who obviously had to second-guess the Chancellor in advance of the Budget: "A determined pledge to bring the Government's spiralling budget deficit back under control by curbing spending and lifting taxes as recovery unfolds will be the central plank of Tuesday's Budget." Mark the words "as recovery unfolds".

At the risk of appearing fiscally uninformed, how the hell can "recovery unfold" after Norman Lamont has clobbered road transport by forcing up diesel prices by an average of 2.28p/lit, and then promising to raise it by another 3% above inflation in future Budgets? It's been said before, but it bears repeating— the diesel that keeps road transport rolling is the lifeblood of this country's economy. Increasing transport running costs serves only to clog the arteries of that economy and can only lengthen the misery of the recession. We have to be thankful for small mercies: at least Vehicle Excise Duty was frozen on heavies (but no such luck for light commercial operators). If VED stays put and diesel duty continues to rise, are we seeing the first tentative steps towards pay-as-you-drive taxation?

If we are, then hauliers could well remember this Budget as the one that finally struck a blow for sensible taxation.

But given the amount of money that's at stake, don't bank on it.


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