Guy Opperman
Main Page: Guy Opperman (Conservative - Hexham)Department Debates - View all Guy Opperman's debates with the HM Treasury
Petrol and Diesel
Guy Opperman Excerpts(11 years, 11 months ago)
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Robert Halfon
As so often, my hon. Friend has hit the nail on the head. We need a fair fuel stabiliser that looks at prices at the pump, so that when the international oil price goes up tax at the pump goes down. That really would be a fair fuel stabiliser.
Guy Opperman (Hexham) (Con)
I support my hon. Friend’s campaign. I represent the least densely populated constituency in England. In Northumberland, fuel is a key issue, as I am sure it is everywhere else. I suggest that there should be an Office of Fair Trading examination, much like those we have carried out so successfully in remote communities into other forms of heating and other oil.
Robert Halfon
I thank my hon. Friend for his remarks. That matter is an important part of my argument.
On the August rise, the Automobile Association says that a 3p rise in petrol prices will switch £1.8 million a day out of the economy and into petrol costs, draining money away from high streets. At the same time, a report by the respected Centre for Economics and Business Research shows that cutting duty by 2.5p would create 175,000 new jobs. The RAC Foundation and the Institute for Fiscal Studies—both very respected—show that revenues from motoring taxes are set to collapse by between £10 billion and £13 billion a year over the next decade, as people are driven off the roads by economising on fuel. That is why I urge the Government to think again.