Make petrol and diesel VAT-exempt for one year

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Make petrol and diesel VAT-exempt for one year

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A typical fill up at the petrol station costs motorists around £65. Of this, only £22.50 goes to the oil companies, £2.50 to the retailer and the remaining £40 is tax, meaning the government has almost tripled the cost of fuel with its taxes. This is calling for a temporary removal of VAT on fuel which adds 20% on the price petrol and diesel at a time when the economy cannot afford it.
High fuel prices reduce consumer spending as a larger percentage of their income is diverted to filling up their car, depriving businesses of income that allows them to grow and create jobs. The spiralling cost of deliveries has also placed UK businesses at a disadvantage to their global competitors. Do you think China’s economy would be doing as well if they didn’t pay less than half for their fuel than we do?

This temporary suspension of VAT on fuel would reduce inflation, lower food prices, increase consumer spending and help stimulate economic growth which would lead to greater job creation.

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