Pump Prices Soar Amidst Cost of Living Crisis

Stirling MP Alyn Smith has called on the UK Government to introduce a fuel duty regulator, as the prices of petrol and diesel reach new heights.

The cost of living crisis, compounding by the deteriorating geopolitical and economic situation sparked by Russia’s invasion of Ukraine, has left households and families across Stirling reeling. Domestic budgets are under severe strain from inflation, price rises for essentials such as staple foods, gas and electricity, as well as a looming increase in National Insurance contributions from April, changes to student loan repayments and cuts to Universal Credit.

Mr Smith has written to the UK Chancellor, urging him to help stabilise the economic situation and consider diverting the additional VAT raised through current fuel taxes to assist with the growing crisis.

Alyn Smith MP said:

‘Our economy has been battered by the 2008 financial crisis, 10 years of Tory austerity, Brexit, the Covid-19 pandemic, and now a cost of living crisis as inflation jumps and the cost of essentials skyrockets. Coupled with increases to national insurance contributions, student loan repayment changes and benefit cuts, we really must question the grip this UK Government has on the basics.

‘Russia’s invasion of Ukraine will only exacerbate these tensions, but it is by no means the sole cause. Years of macroeconomic mismanagement by Westminster has left us in a far more vulnerable state to begin responding to this unfolding crisis.

’I call on the UK Chancellor to urgently get a grip of the situation, and use his upcoming spring budget statement to roll out much needed assistance to households across Stirling. A fuel duty regulator is an important step in addressing the dysfunction present in the UK market, whilst bumper VAT intake from fuel duty should be swiftly deployed to alleviate the pressure households face.’

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