'Economics of an asylum!' Truss and Kwarteng slammed for not cutting fuel duty

Liz Truss and Kwasi Kwarteng have been slammed after failing to cut fuel duty in their newly announced mini-budget. Thousands of British drivers have been left disapointed by the recent announcement with some calling for cuts still to be made. 

According to a poll carried out by FairFuelUK, 95 percent of motorists want fuel duty to be cut. On top of that, some 63 percent admitted to wanting a cut of more than 25p per litre.

Responding to the mini-budget announcement, Howard Cox, the founder of FairFuelUK, said: “Liz Truss and Kwasi Kwarteng should hang their fiscal heads in shame by not cutting Fuel Duty. Frankly, this is the economics of an asylum. Their ignorance is jaw-dropping!

“Low income familes, small businesses and the economy will continue to be crippled by high pump prices, punitive fuel duty levels and opportunistic profiteering in the fuel supply chain.

“Neither have been addressed by this continuing atypical Tory administration.”

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Mr Cox continued: “I am disgusted that yet again drivers are being used as the Government’s cash cows. No promise of keeping Rishi Sunak’s 5p cut in duty and not matching the significant fuel duty cuts across Europe.

“It seems the Prime Minister is to continue Boris Johnson’s anti driver policies and grass root voters who rely on their vehicles to survive.

“Net Zero will bankrupt the UK and the nation’s drivers will remail one of the highest taxed in the world on the back of a virtual signalling green ideal.

“No reduction in Fuel Duty means the economic trend growth aspiration of 2.5 percent per year is unlikely to be hit. It can’t be achieved without lower business costs. One of the largest is the price of transportation that significantly impacts on inflation and the cost-of-living crisis for all of us.”

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Drivers have also been warned of the potential of seeing petrol and diesel prices spike after the value of the pound crumbled following Mr Kwarteng’s mini-budget.

Motorists were put on high alert after new analysis shows that petrol or diesel motorists may see enormous price increases soon.

If the pound reaches parity with the US dollar, car owners could be forced to pay around £3 more to fill up a tank of petrol and diesel.

If the pound continues to slump to $1 for the first time since 1971, the price per litre of oil for retailers would rise to around 68p, according to the i.

This is likely to lead to the 4.5p difference – including VAT and profit margin – to be slapped on directly to drivers.

This would equate to an average 50-litre tank of petrol costing around an additional £3 to fill up as the pump price rises to around £1.70 per litre.

The latest data from the RAC Foundation shows that both petrol and diesel prices are continuing to fall.

Drivers looking for petrol will pay an average price of 162.80p per litre, while diesel remains more expensive at 180.18p per litre.

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