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Will the UK government allow fuel prices, over which they have a degree of control, to continue to rise?
Fuel tax and VAT combine to make between 60% and 70% of the price at the pumps. As fuel prices go up, so does the tax revenue.
Fuel prices now pose a threat to the economy with a prediction they could hit 150p per litre by the end of the Summer.
Meanwhile the government is enjoying a windfall of tax revenue – the more prices rise, the more tax they collect. The oil companies are set to announce more record profits too.
Fuel is not a luxury item. We can drive smaller cars, but we need to get around, and the UK public transport system is not a viable option for many outside the capital.
Obviously, the motorist is outraged, but at what point does it make economic sense to reduce fuel tax (perhaps temporarily) to give families a break from spiralling cost of living, and reduce inflationary pressure.
Current fuel prices already pose a threat to the economy, road transportation costs obviously affect pricing on everything, combine this with a large rise in fuel costs at home and in business, and in food prices and we are in trouble.
Then there is the so called credit crunch so banks are being harder on everyone and the 10p tax rate issue, and it all stacks up to a miserable life unless you’re a M.P. with a big fat expense account and a disire to fill your own pockets first and foremost.
2.5% inflation is a joke and I am worse off now than ten years ago, from the scrapping of miras on this government has took,took,took and wasted all our money.
Fantasy BTS, Danny Fernandes, Girlicious, Shawn Desman, Belly, Capital Profit, Manidesigns