New analysis shows that Conservative action to freeze fuel duty will boost the economy by up to 0.5 per cent of GDP in the coming years.
Under Labour’s plans, fuel duty would be going up this week, hitting people in their wallets. Because of action taken by the Conservatives, there was no rise. We have frozen fuel duty, and it is approximately 20 per cent lower now than it otherwise would have been.
New analysis on the impact of that on the long term growth of the British economy shows that over the next 20 years these cuts will increase our GDP by between 0.3 and 0.5 per cent (£4.5bn to £7.5bn in today’s prices). That means a stronger, more independent Britain, better able to pay its way in the world.
A key part of our long term economic plan to secure Britain’s future is cutting taxes and freezing fuel duty, to help hardworking people be more financially secure. This has meant the longest duty freeze in over 20 years, putting more money in people’s pockets, helping them be more financially secure and able to provide for their families.