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Business fuel card news: Fuel duty hikes 'could hamper transport sector'

30 July, 10
Britain's haulage industry could be set for significant difficulties as firms brace themselves for increases in fuel duty, a new study has suggested.

Research carried out by Bibby Financial Services has revealed that output in the transport and storage industry dropped in the second quarter of 2010 and hinted that fuel tax rises could have a further negative impact.

"The challenge of the fuel duty increase, which may mean cost hikes for many businesses, will result in many firms now embarking on cost-cutting measures to improve efficiency," said the organisation's chief executive Edward Rimmer.

Bibby's survey also uncovered deep-seated fears among hauliers, with 38 per cent expecting the UK economy to remain largely stagnant for at least another year and 19 per cent concerned that the recovery may not take hold until around 2013.

Chancellor George Osborne also announced in last month's emergency Budget that VAT will rise to 20 per cent from January.

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Posted by Tammy BrooksADNFCR-2675-ID-800008648-ADNFCR

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Business fuel card news: Fuel duty hikes 'could hamper transport sector'