PRA welcomes the prospect of Budget fuel duty cuts
Senior sources have confirmed that the Government would announce the 2ppl fuel duty cut later this year – the first reduction of the motoring tax in eight years. “The PRA has welcomed hints carried by national media that the Treasury may be considering fuel duty cuts in the upcoming Autumn Budget”, said Brian Madderson, chairman of the Petrol Retailers Association (PRA).
Madderson continued, “We have been exchanging correspondence with the Treasury since the start of the year on a number of taxation issues with the present high level of fuel duty as the primary concern.
“The former Exchequer Secretary, Robert Jenrick MP, arranged for the PRA to meet the Heads of Fuel Taxation at both the Treasury and HMRC earlier this summer. At the in-depth review, PRA stressed the need for Government to re-visit their report on the dynamic effects of fuel duty modelling (2014), which confirmed the positive outcome on the economy of cutting this deeply regressive tax.
“In a post-Brexit environment, fuel duty cuts would help stimulate the economy and must be introduced as soon as possible by the new Chancellor.”