Link to this page: https://www.socialistparty.org.uk/issue/173/7920
Cut Fuel Tax
INDUSTRY MINISTER Stephen Byers argues that cutting duty on fuel by 2p a litre would mean cutting public spending by £1 billion.
This comes from a government that's sitting on an estimated £20 billion surplus from tax receipts! The money is there to cut fuel prices and increase public spending to rebuild the NHS and ensure decent services.
The government profits from rising oil prices. Campaigners claim that it's getting a £4.6 billion bonus and ministers could cut fuel prices by 8p a litre without hitting-public spending.
Why doesn't the government, instead of imposing flat-rate 1p taxes which hit the poorest, hardest, tax the rich?
The 1,000 richest people in Britain have a combined wealth of nearly $200 billion. In addition some 150 giant multinational companies, including the profit-bloated oil corporations, dominate the economy. They control investments, prices and output. They should be nationalised and run under democratic workers' control.
In The Socialist 15 September 2000: