FPB says Fuel Duty rise would be 'economic vandalism'

The Forum of Private Business (FPB) says a rise in Fuel Duty early next year would be "nothing short of economic vandalism" as it affects small firms and consumers.

Chancellor of the Exchequer George Osborne is set to announce in next month's Autumn Statement (December 5th) whether the planned 3p per litre rise will go ahead.

However, in a statement published earlier this week, FPB said that Mr Osborne has an opportunity to show small businesses that he is in touch with their needs by ditching the rise.

"Quite frankly we would like to hear Mr Osborne announce a freeze on Fuel Duty for the foreseeable future," it explained.

"The less duty consumers pay on fuel means more money swilling around the economy, and an outright freeze will also provide more stability for small firms to plan ahead for 2013 while encouraging consumers to spend."

The Treasury has already hinted that it will be delaying the rise, but final confirmation will only come in next month's Statement to the Commons.

Posted by Emily Smith

Date published 15 Nov 2012 | Last updated 15 Nov 2012