In 2012 The FairFuelUK Campaign were the first to show empirically that lower pump prices will increase GDP, create jobs and lower inflation. In April 2014 The Treasury, after seeing FairFuelUK’s evidence and following the Chancellor’s 1p cut and duty freeze in this Parliament, said "these reductions in duty will increase GDP by between 0.3 and 0.5 per cent in the long-term. The modelling shows increased profits, wages and consumption, all add to higher tax revenues."
Now the IMF say "The plunge in oil prices since June may hurt some crude exporters but is overall a good thing for the world economy”, International Monetary Fund Managing Director Christine Lagarde said Monday. "There will be winners and losers, but on a net basis it's good news for the global economy," she said in Washington. (Photo source: Daily Telegraph)
FairFuelUK were the first to prove and campaign that lower pump prices are indeed good for the UK Economy. It is hugely sad that many influential media experts and politicos continue to ignore the 1m supporters of the FairFuelUK Campaign, its founding backers the RHA and FTA plus later Campaign backers the RAC, UKLPG and the APN, that FairFuelUK has been proven to be right since its founding in January 2011.
FairFuelUK’s founders TV Motoring Journalist and Howard Cox call on Mr Osborne in the Autumn Statement to do 4 actions:
1. FairFuelUK wants assurance for its supporters that a potential duty increase option available to the Chancellor, now oil is below $75 a barrel, will not be taken up.Quentin Willson said: "It’s time to recognise FairFuelUK’s widely accepted and respected evidence in deeds, and cut duty by 3p to accelerate growth in the economy.”
2. With consumers rightly cross and confused, FairFuelUK and its one million supporters want the Government to re-visit the issues of oil price manipulation and forecourt pricing and use the Competition and Markets Authority to set up an "OffPump” type enquiry to bring transparency and clarity to this opaque market.
3. FairFuelUK repeats its main campaigning call to Mr Osborne for his support of a 3p cut in duty in the Autumn Statement and/or March Budget, following its economic evidence that cutting duty is good for new jobs, increasing GDP and lowering inflation. FairFuelUK's evidence has even been endorsed by the Treasury and now supported by the IMF.
4. Will Mr Osborne please support FairFuelUK's call for fuel pump receipts to clearly show ALL the taxes involved when filling up, not just the VAT component.
Howard Cox founder of FairFuelUK said: "Most of the TV and Radio National News Reporters ignore the needs of 32m motorists and FairFuelUK’s politically respected campaigning on their behalves. It would be welcome that they show support or at least acknowledgement for 80% of their viewers who say their cars and vans are essential to their lives - yet 30% still can’t afford to drive where they need to. So BBC, SKY and ITV, please report what FairFuelUK has been giving to you on a plate for the last 5 years and is now acknowledged by the Government and the IMF. Lower oil and fuel prices are good for the global economies!”