Alistair
Darling is ready to delay fuel duty rise
A report by James Kirkup in the Daily Telegraph today notes Alistair
Darling gave his clearest signal yesterday that he was prepared
to drop plans to increase duty on petrol. Speaking in Scotland yesterday,
the Chancellor all but admitted that if fuel prices remained high
in the autumn, when the 2p increase was due to come in, he would
not apply the rise. The report notes Mr Darling saying "there
is an increase due in October. I will look at that closer to the
time and if I judge it right I am prepared to postpone that increase
again." More
(31.5.08)
Treasury profits as price of oil soars
Various spokespeople for the Government have bleated on that concessions
on the fuel duty increase and the removal of the stealthy retrospective
car tax increases cannot be afforded at present, but that simply
ignores the much greater tax take the Government is receiving from
North Sea crude oil >>
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production and VAT on increased fuel prices at the pumps. But how
much more tax is the Government receiving? Well another report in
the Daily Telegraph back in early March reported "the accountants
Grant Thornton have estimated that the Treasury was earning £9.4
million a day more than it expected when it did its forecast on
revenue from fuel duty and taxes on North Sea oil last October".
That was March since when petrol has gone up by more than 20% and
crude oil prices have touched US$135, so since October 2007 the
Government's tax windfall is clear. (8.3.08)
Clear
message for the UK Government
The message has to be drop the 2p increase in excise duty of motor
fuels in October 2008 and remove the unreasonable increased car
tax (vehicle excise duty) bands on cars first registered from March
2001 to 2006.
Follow the discussion on the V8BB. More
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