Record London oil price must make Chancellor recognise need to scrap April's 2p rise in fuel duty
07/03/08 | 14:05
Chris Hannant, Head of Policy at the British Chambers of Commerce, said:
"The soaring price of oil is acting as a major threat to the competitiveness of UK businesses yet the Government is set to further compound the problem by introducing another 2p fuel duty rise next month.
"The Treasury has already generated a massive £2.2 billion windfall in oil revenue since last October's fuel duty rise and must surely now recognise that scrapping the next rise in April is in the best interest of the UK economy."
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MEDIA CONTACT:NOTES TO EDITORS:The £2.2 billion figure takes into account both the amount generated from last October's 2p rise in fuel duty (£500 million) and the £1.7 billion windfall from oil as a result of the rising price of oil per barrel.
The British Chambers of Commerce (BCC) is the National Voice of Local Business.
The BCC sits at the heart of a powerful nationwide network of Accredited Chambers of Commerce serving business across the UK, which employ over five million people.