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Monday, 29 October 2012

Fuel duty cut 'could create thousands of new jobs'

New research has suggested that a rise in the UK's fuel duty will be counterproductive and that the economy will actually benefit more if the tax received a cut.

The National Institute for Economic and Social Research (NIESR) has argued against the planned fuel duty rise of 3p a litre in January.

It believes that the increase will cause up to 35,000 jobs to be lost and economic growth to be cut by 0.1 per cent. Furthermore, the group pointed out that these effects will bring in just over half of the expected extra tax revenue of £1.5 billion.

However, the NIESR's report went on to suggest that by cutting fuel duty by 3p a litre in the new year, 70,000 new jobs will be created across the UK.

What's more, economic growth would be boosted by 0.2 per cent if this option was pursued.

Quentin Willson, the national spokesman at FairFuelUK, which will present the NIESR's report to Treasury officials tomorrow (October 30th), stated: "We've proved our argument with robust financial research and modelling that shows if you raise duty you destroy jobs and damage growth.

"We appreciate the government's aspiration to reduce the deficit but know that hiking fuel duty up by 3p in January will only make things much worse."
  
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Posted by Wayne Bly
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By: Salespeak News

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