National News Petrol prices

I accept BJ cannot keep giving money out.
The government could help resolve the situation at the moment by
1. Reducing the fuel duty by 20p a litre. They still collect a huge amount of tax on fuel and it has been rising as fuel increases in price. The effect would be a reduction in costs of deliveries that affect nearly everyone.
2. Be bold and increase interest rates by 1/2% at a time. This would reduce demand in the economy. Interest rates at 1 1/4% when inflation is in double figures is economic madness.
3. The government housebuilding programme can’t even get near targets because of raw material prices climbing so quickly. There needs to be an incentive to those involved in the building industry.
4 A buy British campaign to help boost our industries over here is something the government needs to look at.
5. An awareness campaign to recycle as much as possible. For example, banana peels make great potassium compost rather than buying Tomorite.
 
Leysboy said:
It’s not, but it’s what the Remainers/Remoaners are blaming it on.
Click to expand...
Brexit has caused a drop in the value of the pound in comparison to the Euro and most importantly in petrol terms, the Dollar.
So any rises in the price of oil is made worse in the UK by not getting a good price on the exchange rate.
 
Two weeks today I start a new job, one of the main reasons is I will save a wedge in fuel costs, just short of two tanks a fuel a month means I am up by £1700 after tax a year just on Petrol. It’s all being wiped out by the fact that’s how much my energy bills are going up in the house mind but for a brief second I had a view of what it would be like to be solvent, like going back in time.
 
holdsteady said:
Two weeks today I start a new job, one of the main reasons is I will save a wedge in fuel costs, just short of two tanks a fuel a month means I am up by £1700 after tax a year just on Petrol. It’s all being wiped out by the fact that’s how much my energy bills are going up in the house mind but for a brief second I had a view of what it would be like to be solvent, like going back in time.
Click to expand...
Good luck in your new job and I hope the situation gets better for you...and for all of us!
 
Peterdev said:
I accept BJ cannot keep giving money out.
The government could help resolve the situation at the moment by
1. Reducing the fuel duty by 20p a litre. They still collect a huge amount of tax on fuel and it has been rising as fuel increases in price. The effect would be a reduction in costs of deliveries that affect nearly everyone.
2. Be bold and increase interest rates by 1/2% at a time. This would reduce demand in the economy. Interest rates at 1 1/4% when inflation is in double figures is economic madness.
3. The government housebuilding programme can’t even get near targets because of raw material prices climbing so quickly. There needs to be an incentive to those involved in the building industry.
4 A buy British campaign to help boost our industries over here is something the government needs to look at.
5. An awareness campaign to recycle as much as possible. For example, banana peels make great potassium compost rather than buying Tomorite.
Click to expand...
1. they have already made more in revenue from the higher price at the lower rate thus far than the lower rate cost them,.
2. Government can't do that - they separated it off to BoE,
4. British owned/produced or just produced?
5. having a national plan for recycling would be a start, with consistency across the country.
 
Oslernorth said:
Brexit has caused a drop in the value of the pound in comparison to the Euro and most importantly in petrol terms, the Dollar.
So any rises in the price of oil is made worse in the UK by not getting a good price on the exchange rate.
Click to expand...
Correct - I mentioned this a few weeks back. The plummeting exchange rate also led to all of my US clients settling their outstanding invoices en masse around 4/5 weeks ago. But even though prices at the pump would rise due to the weakening of the pound versus the dollar alone, the government isn’t doing anything to cut the crippling extent of the price rise because it’s desperate for the tax and duty to try to plug the economic hole that we’re in. Which is as bad as it is because we’re finally seeing some of the realities of Brexit after the temporary smokescreen provided by covid. Now that the world is basically open again and everybody is running to the same starter gun, there’s nowhere for the economy to hide. Pump prices and the subsequent tax duties are essentially being used as a stealth tax to try to delay the looming recession.
 
RyanioBirdio said:
Correct - I mentioned this a few weeks back. The plummeting exchange rate also led to all of my US clients settling their outstanding invoices en masse around 4/5 weeks ago. But even though prices at the pump would rise due to the weakening of the pound versus the dollar alone, the government isn’t doing anything to cut the crippling extent of the price rise because it’s desperate for the tax and duty to try to plug the economic hole that we’re in. Which is as bad as it is because we’re finally seeing some of the realities of Brexit after the temporary smokescreen provided by covid. Now that the world is basically open again and everybody is running to the same starter gun, there’s nowhere for the economy to hide. Pump prices and the subsequent tax duties are essentially being used as a stealth tax to try to delay the looming recession.
Click to expand...

Just wait until China goes into deflation which is a genuine risk apparently. If this happens the fan will be hit by flying faecal matter.
 
Pound is at the same Euro exchange rate as back in 2012/2013, it is up on the Euro over the last 2 years and up on the Euro over 5 years. Netherlands, Denmark, Switzerland are all paying more for petrol.
 
Ah that’s ok then, as long as there’s 3 countries as bad of as me I’ll live with it
 
OxfordBoy said:
Ah that’s ok then, as long as there’s 3 countries as bad of as me I’ll live with it
Click to expand...
Finland, Norway, Greece also paying more if you're interested in pure numbers of countries. I don't think any of those are doing a Brexit.
 
Jerome'SAle said:
So 80% of EU countries are paying less than us?
Click to expand...
More than 80% of countries across the world are paying less than us for petrol and have been for decades.

Trying to get to the bottom of how Brexit is to blame for this global phenomenon of petrol price hikes.
 
OUFCGav said:
1. they have already made more in revenue from the higher price at the lower rate thus far than the lower rate cost them,.
2. Government can't do that - they separated it off to BoE,
4. British owned/produced or just produced?
5. having a national plan for recycling would be a start, with consistency across the country.
Click to expand...
Point 2 is correct but pressure needs applying to stop the BoE refusing to do what is inevitable
 
Peterdev said:
Point 2 is correct but pressure needs applying to stop the BoE refusing to do what is inevitable
Click to expand...
the government sets the target, but they have no influence over achieving that, it was very specifically made politically independent. the framework they have been given involves balance and not just one target.
 
bashamwonderland said:
More than 80% of countries across the world are paying less than us for petrol and have been for decades.

Trying to get to the bottom of how Brexit is to blame for this global phenomenon of petrol price hikes.
Click to expand...
We were sold Brexit on the promise that the opposite would happen:

"During the 2016 Brexit referendum campaign, one of Vote Leave’s promises was that ‘’fuel bills will be lower for everyone’. EU rules stipulated that member states could not cut VAT on domestic energy and gas below its current rate of five per cent.

“When we Vote Leave, we will be able to scrap this unfair and damaging tax,” Johnson and other Brexiters said in a joint statement. “It isn’t right that unelected bureaucrats in Brussels impose taxes on the poorest and elected politicians can do nothing.”"
 
bashamwonderland said:
More than 80% of countries across the world are paying less than us for petrol and have been for decades.

Trying to get to the bottom of how Brexit is to blame for this global phenomenon of petrol price hikes.
Click to expand...
When you know the war in Ukraine has hit oil prices but the UK has suffered more than most due to the fall in the value of the pound again the dollar following the Brexit vote on 23 June 2016 why do you pretend you don't?
 
Peterdev said:
I accept BJ cannot keep giving money out.
The government could help resolve the situation at the moment by
1. Reducing the fuel duty by 20p a litre. They still collect a huge amount of tax on fuel and it has been rising as fuel increases in price. The effect would be a reduction in costs of deliveries that affect nearly everyone.
2. Be bold and increase interest rates by 1/2% at a time. This would reduce demand in the economy. Interest rates at 1 1/4% when inflation is in double figures is economic madness.
3. The government housebuilding programme can’t even get near targets because of raw material prices climbing so quickly. There needs to be an incentive to those involved in the building industry.
4 A buy British campaign to help boost our industries over here is something the government needs to look at.
5. An awareness campaign to recycle as much as possible. For example, banana peels make great potassium compost rather than buying Tomorite.
Click to expand...

I don’t agree with this one.

As I see it inflation isn’t being driven by people with cash on the hip and just spending money.

The forces at play here are the post Covid hangover with significant shortages of goods and a disruption in movement of freight, coupled with huge uplift in freight costs (probably Brexit being a factor here too) . We also have the Ukraine conflict pushing food and oil prices through the roof, which is having a knock on effect on consumer costs.

Putting interest rates up with any real aggression isn’t going to mitigate these factors.
 
Jerome'SAle said:
We were sold Brexit on the promise that the opposite would happen:

"During the 2016 Brexit referendum campaign, one of Vote Leave’s promises was that ‘’fuel bills will be lower for everyone’. EU rules stipulated that member states could not cut VAT on domestic energy and gas below its current rate of five per cent.

“When we Vote Leave, we will be able to scrap this unfair and damaging tax,” Johnson and other Brexiters said in a joint statement. “It isn’t right that unelected bureaucrats in Brussels impose taxes on the poorest and elected politicians can do nothing.”"
Click to expand...
Sorry but are we talking about the reality of the effect of Brexit on petrol prices or the promises made by the leave campaign in 2016? Because these are two separate conversations.

To respond to the point you seem to be making, I agree that the VAT on fuel should be cut drastically and if it isn't then BJ should be held to account as he is no longer able to assign the blame for not doing so with the EU. He is now directly accountable for this, and greater accountability is brilliant.
 
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