Recent figures by the Department of Transport suggests that the ever increase in fuel prices are not only “fuelling” the recession but are actually pricing British motorists off the road completely.
With the cost of petrol teetering on the 140p per litre mark there is a very real fear that the ongoing hikes are simply going to bring the country to a standstill. The figures show that country roads saw a drop by 5.2%, heavy goods traffic dropped by 4.4% and the category that covers motorbikes, buses and coaches saw a whopping 19.2% drop.
The OFT have started an investigation into how oil companies set their pump prices… which is fine but let’s not forget that the UK Government keeps adding on fuel duty. It’s all very well the OFT investigating the firms behind our fuel but there is a strong suggestion that the source of our motoring misery lies with the politicians.
Quentin Wilson, a spokesperson and motoring expert for FairFuelUK told the Mirror:
“The Government has to recognise that the huge cost of filling our cars and vans has contributed to the recession.
“The first thing the Treasury must do is to bin the 3p tax hike planned for January and listen to FairFuelUK’s economic research, that shows a significant cut in fuel duty will stimulate growth and create jobs.”
In addition to this the cost of fuel is believed to be behind the spiralling debt problems in the UK as many low income families, young people are turning to credit cards or payday loans to help fund their motoring.