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New research from car finance experts ChooseMyCar has shown driver back proposals to reduce VAT rates on petrol and diesel. The new research shows two thirds (69 percent) of UK drivers believe the Government should be dropping VAt rates to stabilise recent price hikes.
Among the over 55’s, nearly three quarters of respondents (73 percent) said they supported the idea.
The data shows a geographical variation in support with drivers in the North feeling the pinch more.
Drivers in the North East had the highest support for the proposals with 78 percent backing the idea.
Motorists in the North West and Yorkshire and the Humber also supported the plans with 73 percent in agreement.
However, motorists in Greater London were almost split with just 59 percent backing the new idea to cut VAT rates.
Nick Zapolski, founder of ChooseMyCar said the Government needed to “take action”.
He said: “It’s been a difficult time financially for many people as they continue to feel the effects of furlough, job losses and other financial implications from the pandemic.
“The last thing overstretched families and small businesses need right now is a further burden on their pockets – especially with Christmas just around the corner.
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“Our research proves that the Government needs to take action now to ensure that spiralling fuel costs are mitigated by lower VAT.”
The Office for Budget Responsibility confirmed VAT is added on top of fuel duty on petrol and diesel.
They said: “VAT is applied after fuel duty.
“So, for example, the pump price of a litre of petrol currently reflects the pre-tax price plus 57.95p for fuel duty plus 20 per cent VAT on the pre-tax price and a further 11.59p for VAT at 20 per cent on fuel duty.”
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