Rising
fuel taxes will send motor fuel prices to new highs
An interesting article in the Business section on page 49 of
the Times on 22nd November 2010 is well worth reading. More
The diagram alongside is from the article, McKinsey/Times Research
copyright acknowledged.
Reminder: 030111
Posted: 221110
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Motoring
fuel retailers have warned the UK Government that
motor fuel tax rises will send prices to new highs
and cause many filling stations to close down. The
Times article goes on to report that "however
a separate report from management consultants McKinsey
& Co recommends that further rises in fuel duty
should be used by Government to fill a £100
billion funding deficit for the UK road network."
Another fuel duty rise is due on 1st January 2011
which will take the duty to just under 59p a litre.
Then three days later a 2.5% rise in VAT is due
taking the VAT rate on fuel to 20%. The body representing
independent motor fuel retailers estimates the VAT
rise will take the average cost of petrol on forecourts
to around 124p a litre. Then duty and VAT will be
around 78p a litre! |
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