Thursday, March 10, 2011
It wasn’t meant to be like this. Just a year ago Mervyn King was expecting inflation to drop back to its 2% target. Instead it’s well north of 5%. Petrol prices are up. The economy is stagnant. While the press and BBC have daily stories about “cuts”, no one talks about the fact that, even with these cuts, government debt continues to pile up and will do so throughout this Parliament.
It’s time to make the one cut needed to kick start the economy. This isn’t the cut of red tape, although that is desperately needed.
It’s time to take 50p off the price of fuel.
Doubtless civil servants at the Treasury will explain this is unaffordable. The opposite is true.
Lower fuel prices will help everyone: the worker paying a lower bus fare, the business on the edge of bankruptcy facing lower costs, the price of practically anything bought on the high street.
By helping the economy, it will lower government payments to the unemployed; it will increase profitability and tax revenues; it will create employment and consequently generate income tax and NI payments; it will help squeezed councils cover the costs of bin collections; it will help rural workers afford travel to their jobs.
It will drive down inflation so that those in poverty are less hard-pressed; those in the middle class will be able to spend more (or pay off debts faster); those looking for bank loans will be better able to justify them.
It will make the UK a better place to do business and make existing UK businesses more competitive overseas.
Can the Treasury see it? Write to your MP and tell him to pass on the message:
“Take 50p off fuel and set our economy free”