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Saturday, July 31, 2021

Chartered Institute of Logistic & Transport welcomes Budget fuel duty news

The Chartered Institute of Logistics and Transport (CILT) has welcomed the Chancellor’s Budget announcement today that fuel duty on petrol and diesel is to be cut by 1p per litre and that the previously announced increase will be delayed until 2012.

Chief Executive of CILT, Steve Agg said: “This step will assist hard pressed freight and passenger transport operators who have struggled with the consequences of the higher fuel prices resulting from the 35 per cent increase in the price of oil over the last five months, and which are forecast to continue rising.

“Transport costs represent around 15 per cent of the price of food and drink and many other consumer items, and around one third of those transport costs relate to fuel. This cut in duty will help to contain increases in transport costs and their contribution to inflation,” added Steve Agg

CILT believe that the additional rail spend will deliver strong returns for tens of thousands of people. The building of a new rail line between Manchester Piccadilly and Victoria stations will improve connectivity in a key economic region that has seen passenger growth of 85% over the past decade.

Steve Agg said: “The redoubling of the line between Swindon and Kemble and reconfirmation of the electrification of the Greater Western Main Line between London and south-west England and Wales will increase capacity and mobility between regions and encourage further economic regeneration of these key areas.”

“Taken together, and along with, the announcement of additional local enterprise zones and apprenticeships, these are sensible measures for transport and logistics that should contribute to the growth and re-balancing of the economy that the Government is seeking.”

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