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2016 Autumn Statement comment

Gerald Grimes, Managing Director, Hitachi Capital Consumer Finance commented:

“The Chancellor has made a step in the right direction by cancelling the fuel duty rise, which will save the average driver £130 a year against the planned increase and provide a much needed boost to businesses at a time of great uncertainty for Britain’s economy.

“However, he has not gone far enough. The recent rise in oil prices and the weakness of the pound has hit UK businesses hard. Not least retailers whose delivery vehicles have been filling up on cheaper fuel abroad, costing the Treasury an estimated £1 billion in revenue. We want to see a greater Government commitment to reducing fuel duty, in order to push petrol prices down, encourage greater domestic trade for UK retailers and better prices for consumers.”