View more on these topics

Chancellor panicking over fuel duty, says Cable

Liberal Democrat Shadow Chancellor Vince Cable has accused Alistair Darling of panicking over his decision to delay the 2p increase in fuel duty.

The proposed increase was due to go ahead in October, but the Treasury today announced the global credit crunch and sharp rises in world oil prices have forced the Chancellor to delay in order to protect motorists and businesses.

Cable says: “The Chancellor is now so scared of appearing indecisive that he has been panicked into making a snap decision on fuel duty.”

Conservative Shadow Chancellor, George Osborne has also hit out at the move.
Osborne, who unveiled the Conservative Fair Fuel Stabiliser earlier this month, suggests the delay may be as a result of political manoeuvring in the run up to the Glasgow East by-election.

Osborne says “Instead of adopting short term political fixes, what the government should be doing is adopting our plans for a fair fuel stabiliser so that motorists get automatic relief when the price of oil goes up, rather than relying on the political whims of the Chancellor.”

Recommended

Europe: Domestic backdrop & China impact

By Rob Burnett, Head of European Equities In recent weeks equities have been buffeted by two shocks occurring at the same time: China’s devaluation of the renminbi and the prospect of the US Federal Reserve (Fed) raising interest rates. The market is not comfortable with the Fed raising rates at the same time that China […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment