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RHA blames high price of fuel for UK recession

  • 26 April 2012
  • By Hayley Pink

The Road Haulage Association (RHA) has blamed the high cost of fuel for pushing the economy back into recession.

Following yesterday’s (25 April) announcement that the UK economy has declined by 0.2% in the first quarter of 2012, RHA chief executive Geoff Dunning says the situation could have been avoided.

“This news is not unexpected,” he says. “If the government would heed our advice and address the issue of fuel duty once and for all, this is a situation that could almost certainly have been avoided.”

Dunning says consumers and businesses are “desperate” to see a reduction in fuel duty, and that the subsequent savings made on a tank of fuel would be pumped back into the economy, boosting spending and increasing trade.

He adds: “The barrel price of oil now stands at its lowest for quite some time.  In addition, exchange rates are holding up well.  Despite this, forecourt prices are still too high, with the margin on diesel having risen from 3.48ppl in March to 7.65ppl today. This is an increase of 123% or more than the August duty rise.”

The RHA says tackling the issue “head on” is the only way to see an increase in GDP in the next quarter.

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Article source: http://www.commercialmotor.com:80/latest-news/rha-blames-high-price-of-fuel-for-uk-recession