The Prime Minister has omitted in his speech today any likelihood of incentivising economic growth today.
He repeated that there would be no increase in income tax, VAT, or national insurance, but it is now clear that Labour’s first Budget will hit the motorist hard.
Reading between the lines of Starmer’s speech and from Whitehall intelligence, FairFuelUK is in no doubt that the Treasury will revert to type by increasing Fuel Duty from October.
Howard Cox, Founder of FairFuelUK told LondonLovesBusiness.com, “I have credible intelligence that the Treasury has virtually settled, through its internal economic modelling, on increasing Fuel Duty by 10p/litre.
“For nearly 15-years, I have proven that hiking levies on one of the highest-taxed motorist sectors in the world would damage the economy, jobs, inflation, business investment and freedom of movement.
“Such a punitive hike will also stifle growth, which may be why his speech did not even mention Labour’s central campaigning pre-election mantra. The inevitable move to Big Brother pay-per-mile taxation, which Labour plans to work alongside the declining fuel duty income, will undoubtedly be announced in the budget too.
I predict the net outcome from the October Budget is that the UK’s 37 million drivers are set to be fleeced on a scale not seen since 1997 to 2010 when Labour increased fuel duty by a staggering 46%.”
