Labour is today launching a Pre-Budget campaign calling on George Osborne to take immediate action on the rising cost of petrol.
Following the price of unleaded petrol this week hitting a record high of 130p, the Labour Party is stepping up its campaign to immediately ‘reverse the Tory VAT rise on fuel’.
The Conservative-led government’s VAT hike has added nearly 3p to the cost of a litre of unleaded petrol – £1.35 to the cost of a filling up a 50 litre tank – and helped to push petrol prices to their record levels. The campaign also calls on George Osborne to look again in the Budget at the planned duty rise in April.
As the Conservative Party meets for its Spring Forum this weekend, Labour MPs, councillors and activists will be delivering campaign leaflets and collecting signatures for Labour’s VAT on fuel petition.
Launching the campaign, Ed Balls MP, Labour's Shadow Chancellor, said:
“Families are already facing their incomes squeezed this year and events in the Middle East and North Africa are helping to push up oil prices around the world. But in Britain George Osborne is making things much worse, not better, for families and pensioners with his hike in VAT.
“Conservative cabinet ministers have dismissed the impact of their VAT rise, but it has added £1.35 to the cost of filling up a 50 litre tank. George Osborne should admit he got it wrong, immediately reverse the VAT rise and ease the pressure on families right now.
“And in the Budget later this month he should look again at the annual fuel duty rise due in April. The last Labour government often postponed planned duty increases when world oil prices were on the up - as they are now.”