Robert Halfon(Harlow) (Con):May we have a debate on the Laffer curve and petrol taxes, as recent figures show that the Treasury received £637 million less in revenue from petrol taxes than in the equivalent period three years ago? Will my right hon. Friend make representations to the Treasury to ensure that we do not raise petrol taxes next January?
Sir George Young, Leader of the House of Commons:"As someone with an economics degree, I am always happy to debate the Laffer curve. The fair fuel stabilizer means that fuel duty will rise by inflation only when oil prices are high. As he knows, the measures we have already taken mean that pump prices are about 6p a litre lower*** than they would have been had we simply carried forward the previous Government's plans. We are also encouraging retailers wherever possible to pass on savings to consumers as quickly as possible."
**** Due to the FairFuelUK Campaign's pressure