Responding to the announcement that the Consumer Prices Index (CPI) remains at 2.4%, above the Government’s 2% target, and a rise in the price of petrol to £1.27 a litre, Federation of Small Businesses (FSB) National Chairman Mike Cherry, said:
“Road transport is fundamental to the success of the UK’s 5.7 million small businesses.
“The surging fuel price should give policymakers pause for thought as we start to look ahead to the Budget.
“A fuel duty freeze in recent years has helped spur growth among small businesses, nine in ten of which say cars are important to their firms. Two thirds say van transport is important to business success – half say the same of lorries.
“The current fuel duty rate of near 60p a litre already looks steep. With small firms struggling to absorb higher business rates, wages and pension contributions, the last thing they need is fresh tax hikes in the autumn.”
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About FSB
As the UK’s largest business support group, FSB is the voice of the UK’s small businesses and the self-employed. Established over 40 years ago to help its members succeed in business, FSB is a non-profit making and non-party political organisation that’s led by its members, for its members. As the UK’s leading business campaigner, FSB is focused on delivering change which supports smaller businesses to grow and succeed.
FSB offers members a wide range of vital business services, including access to finance, business banking, legal advice and support along with a powerful voice in Government. Each year FSB also runs the UK’s Celebrating Small Business Awards. More information is available at www.fsb.org.uk. You can follow us on twitter @fsb_policy and on Instagram @fsb_uk.