FTA calls for fuel duty cut in Budget24 February 2014

The Freight Transport Association (FTA) is urging the chancellor to cut fuel duty by 3p per litre in his Budget next month, rather than just freezing it.

In its pre-Budget submission, the FTA is asking the chancellor to consider the wider economic benefits that could be achieved, saying that a reduction would east cost pressure for domestic freight operators, thereby stimulating economic growth.

James Hookham, FTA's managing director of policy, says the move would be "a real boost to balancing the economy". He adds: "FTA's research shows he would get his money back through higher tax receipts as trade improved and jobs increased."

In addition to fuel duty cuts, the FTA wants the treasury to reinstate the duty differential for used cooking oil as a biofuel in commercial vehicles.

The association points out that several freight and logistics operators have already invested in processing and refuelling infrastructure to support collection of used cooking oil which, when converted, is used as a low-carbon fuel.

"Reinstating a lower duty rate will make this process financially, as well as environmentally sustainable," adds Hookham.

The Budget will be delivered to parliament on 19 March.

Author
Laura Cork

Related Companies
Freight Transport Association Ltd

This material is protected by MA Business copyright
See Terms and Conditions.
One-off usage is permitted but bulk copying is not.
For multiple copies contact the sales team.