Fool.co.uk: Cut fuel tax to ease inflation

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Fool.co.uk: Cut fuel tax to ease inflation

Tue 15th Jul 2008

Slashing fuel tax should be a top government priority, says money website Fool.co.uk.

The cost of living is rising by 9.3 per cent annually, according to the Fool Inflation Index.

It is three times higher than official government figures from the Office for National Statistics in June.

Almost half of people (46 per cent) are worried by rising petrol prices, according to research by Fool.co.uk.

Costs of food, gas and electricity were the next biggest inflation concerns.

Of those polled, four per cent concur with the government's inflation rate, with 12 per cent saying their personal inflation is over 15 per cent.

David Kuo, head of personal finance at Fool.co.uk, said that chancellor Alistair Darling "gobbles up 70p out of every 120p every time we fill up our cars".

He called for the government to slash fuel tax.

The Treasury is set for a £15 billion tax windfall from the rising cost of oil, according to the Telegraph.

A new report from the industry trade body, Oil & Gas UK, predicted an extra £5.1 billion on top of the £9.9 billion stated by Mr Darling in the April budget.

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