Saqib is campaigning for the Chancellor to keep the cost of fuel down at the Budget. He has received an immense amount of support, with over 70 Conservative MPs joining the campaign. In a joint letter to Rachel Reeves, dozens of Conservative MPs tell the Chancellor to consider the impact of a rise in fuel duty on low-income families, small businesses and the logistics industry.
Fuel duty has remained frozen for the last 14 years, currently standing at 6p less than when Labour were last in power. This has benefitted Britain’s 37 million motorists and businesses. However, Saqib argues that instability in the Middle East will continue to make oil prices volatile which means it is essential the Chancellor helps to keep the cost of fuel down at the Budget.
FairFuelUK and Saqib claim that hiking fuel duty slows economic growth, costs jobs, stokes inflation and reduces consumer spending. The latest evidence from the Centre for Economic Business Research predicts that raising fuel duty will only bring about short-term benefits for the Treasury, and the long-term impact of raising fuel duty could lead to a collapse in revenue by 60% within five years.
Analysis from FairFuelUK indicates the impact on family finances if fuel duty is increased by 5p is estimated to add £160 to annual fill-up costs, whilst the average commercial van could see costs spiral by £500. Saqib also suggests that these costs would be unavoidable for constituents in rural communities who don’t have access to public transport.
Saqib also called for the Government to continue the delivery and roll-out of the Conservative Government’s PumpWatch scheme, which allowed motorists to locate the lowest forecourt pump prices. The MPs argue this would protect motorists, families, and businesses across the UK.
Commenting on the campaign, Saqib said:
“The Conservatives stood by Britain’s 37 million motorists and kept fuel prices down at the Budget for 14 consecutive years. There is yet to be any indication from the Government that Labour will do the same.”
“The prospect of a rise in fuel hangs over motorists before the Budget, which would have a devastating impact on families and businesses in the Solihull and Meriden East constituency.”
“That’s why I am delighted to sign this letter with over 70 of my colleagues to demand the Chancellor does not punish motorists at the Budget and not punish motorists, families and businesses across the United Kingdom with this cynical money grab.”
