The Treasury has missed out on as much as £130bn in fuel duty revenues since 2010 due to freezes or cuts, Theo Bertram, the director of the Social Market Foundation says
The Treasury has missed out on as much as £130bn in fuel duty revenues since 2010 due to freezes or cuts, Theo Bertram, the director of the Social Market Foundation says
Mr Bertram, who was a Downing Street adviser to both Tony Blair and Gordon Brown during the last Labour government, said since 2010 successive chancellors had foregone nearly £130bn in revenue from fuel duty by cutting or freezing the levy and that raising it would be a “test of the seriousness of Starmer’s long-termist credentials”.
“These are short-term pains for those that can afford it in favour of long-term gains for the country,” Mr Bertram said. After a painfully short honeymoon, it is a question that many in Westminster are now asking Keir Starmer. Why are you Prime Minister? The Budget is an opportunity not just to talk about how Starmer’s government will work but to tell this story of renewal. It should not just be a narrative about the Chancellor’s prudence but the PM’s purpose.
The Social Market Foundation have developed a range of policy recommendations to fit this approach of a ‘decade of renewal’.
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