Weekly wages would go up if fuel duty was cut by just 20p, campaigners claim
BRITAIN would get a £17billion boost if fuel duty was cut by 20p, campaigners claim.
It would also bolster investment and increase earnings by £4 a week, they argue.
The TaxPayers’ Alliance calculations are based on a cut in petrol and diesel tax from 58p to 38p at the start of the year.
It says the economy would grow by 0.53 per cent — worth £17billion — while also attracting £4billion more investment.
Harry Fone, the group’s grassroots campaign manager, said: “Taxpayers being battered by prices at the pump want to see a big fuel duty cut.
“Given fears of sluggish growth, slashing costs for driving would fire up the economy and make it cheaper to do business around the country.
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“Cutting fuel duty would be a welcome way to get Britain moving again.”
In February, then-Chancellor Rishi Sunak cut the levy by 5p a litre — the first cut in more than a decade.
But that was swallowed up by soaring oil prices, with motorists still paying record prices to fill up.
Howard Cox, founder of FairFuelUK, backed the idea, saying: “I have passionately championed the fiscal benefits of lower fuel taxes in boosting GDP, jobs, wages, company investment, consumer spending, lowering inflation and business costs.”
