Industry awaits Chancellor’s decision on fuel
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THE INDUSTRY is waiting with bated breath to see if the Chancellor will scrap the January fuel duty rise when he makes his autumn statement next week (29 November).
Although last week’s fuel debate in parliament saw a majority of MPs vote in favour of a motion calling for the government to act now on fuel prices, it remains unclear which way the Chancellor will sway.
The Freight Transport Association chief executive has written to the Economic Secretary to the Treasury, Chloe Smith, ahead of Tuesday’s statement, to reinforce the industry’s need for the January rise to be abandoned. “For a typical 10-vehicle haulier, the increase in fuel costs in the last year has added £65,000 to annual costs – with fuel the principal contributor to a 6.5% rise in overall operating costs,” states Theo de Pencier. “Margins have been under significant pressure.” ● See p12 for more on the fuel debate.