Wednesday, November 9, 2011

New research shows Harlow residents pay £42m in fuel taxes every year

More than 100 MPs have now backed my motion for cheaper fuel - and now it has emerged that Harlow residents are paying £42m in fuel taxes every year.

The shocking figure has been published by the Taxpayers Alliance ahead of next Tuesday’s parliamentary debate which has been secured by after the e-petition reached the magic 100,000 names required to trigger a parliamentary debate.

The e-petition campaign which also involved FairFuelUK has now attracted more than 106,000 names.

My campaigning and three visits to the backbench committee to argue for a debate has resulted in next week’s date being set.

We are facing a silent crisis as the cost of living is rocketing. Steadily, month by month, energy and petrol bills are crippling our economy.

The case for cheaper petrol is not just popular; it is good economics, too. Experts at the LSE have published research showing that our soaring petrol prices are contributing to UK unemployment.

Added to that, the high price is creating a poverty trap, as people can't afford the costs of getting to work. In fact, petrol is now so hugely expensive, that it is costing the Government money. This is because fewer people can afford to drive, leading to lower tax revenues.

We urgently need a study of petrol taxes, by the Treasury, to see whether high fuel taxes are actually making it harder to close the deficit.

Rip-off petrol prices are one of people’s top concerns, according to Populus. To his credit, George Osborne has taken major steps to help, including a 1p cut in fuel duty and abolishing Labour’s ‘tax escalator’.

But we urgently need to do more.

We need no new fuel taxes in this Parliament. The 4p duty rises that are planned for January and August 2012 must be scrapped, and the Government needs to pressure the oil companies to keep prices down.

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