• Fuel duty

    I appreciate that fuel prices have a serious impact on household budgets and businesses and that the average price of a litre of petrol or diesel has risen by over 10p this year, and that 80% of households have seen either flat or falling incomes since 2008.

    Previously, the Coalition Government’s VAT rise from 17.5% to 20% added around 3p to the price of a litre of petrol or diesel and the Opposition voted against it at the time.

    I entirely understand concerns about the stability of the price of fuel, particularly as the ‘tax lock’ – legislation aimed at ensuring the current Government keep their own promises on tax – does not include increases in taxes such as fuel duty.

    I believe that a review of how best to stabilise pricing would be sensible. I understand that families and businesses need stability and that price fluctuation is an important issue in need of addressing. I was disappointed that the Government rejected an amendment to the 2016 Finance Bill which called for a review to establish the form of fuel duty regulator which would best ensure stability of pricing.

    I am not convinced that the Treasury has established a sustainable approach to fuel prices.