The new announcement by the Tories of a fuel tax plan is at least travel in the right direction. The Tories can see the madness of extra taxes at a time of crisis and of adding to the inflation level by making fuel even more expensive that it has to be.
However, there are 2 awkward holes in the pitch as I see it:
1 - In order for this to work, it means that the Tories will have to 'pick' a 'right' price for oil. As the price of oil has increased 9x over in 10 years, this is quite a feat - beyond the best market participants. How the government is meant to know this is quite hard.
If they get this wrong this policy will seal high prices for everyone - a 40% drop in oil price will not feed through to the paying public.
2- It is playing a game with the public finances, so Labour and the Lib Dems are right to point this out. To make this a safe play, £3 billion odd of savings should be outlined - thus making this a complete win win. With current government spending far out of control, finding £3 billion should be a doddle. Perhaps start by looking here.
Iain Dale thinks it is a great idea; well, at least it is populist and not haranguing us to eat less food by the Prime Minister...
13 comments:
What happens if oil goes up yet further, will the government subsidise petrol like the Chinese and many others do?
It's madness, pure madness.
Is the price going to be linked to the fuel tax escalator? We need fuel prices to increase to encourage more efficient cars and hopefully reduce C02 emmisions. This longer term planning can only occur if there is a bit of stability in the petrol price rather than it jumping around like it does now.
Ideally there needs to be a situation where companies / people can forecast 1/2/3 years ahead and say what the total price of fuel (tax + oil cost) will be at each point. Its not a perfect system but if the oil cost goes above set level then tax should drop to zero but not be subsidised.
At least this way people know that petrol costs will always be rising allowing them some room for future planning.
J
not necessarily madness, BE, but complicated
Osborne's '5 Principles' may be sound, but it's more complex than he has acknowledged
The tax take from the North Sea is a very complex and non-linear matter, being a function of much more than oil price.
He does recognise that North Sea production is declining, "so the operation of any Fair Fuel Stabiliser should be reviewed every Parliament".
In fact, for both reasons, far from being the sort of mechanism that can be used in a fire-and-forget, automatic fashion, the *Stabiliser* would need not just to be reviewed, but to be tinkered with, all the time. In other words it would become an entirely political football.
How he imagines it will meet his 4th and 5th Principles ...
provide greater certainty about the price of carbon; and
should be transparent and simple to administer
... is anyone's guess
But how does anyone know how much food is wasted?
Last statistics back in April were up to 1/3 of food is wasted. But this included used tea bags,chicken bones, apple core/orange peel etc. I think it was done by weight of a bin or something.
All this talk of food being slung out hasn't gone down well in the Blogworld. Far Far too much like Ministry of Food. Snook all round!
Government always screws stuff up. Part of the inflation problem is because countries around the world are printing money. Growth is down, inflations is up all over the world. I did a chart of inflation rates @
www.theinvestingspeculator.com
At the time of writing, you were recently (according to mybloglog) visited by Richard Madeley. Make of that what you will!
bloody Madeley visits us all the time, TT
(and bloody Greta Garbo ...)
Go to Newsnight.I may be wrong but it seems we are going to borrow our way out of recession and worry about inflation later on.
Yvette Cooper says inflation and interest rates are low and growth is high??
There is a big plan for the economy, apparently. Only no one knows what it is.
I quite like the idea but what I liked better was the notion of green taxes set off against taxes on employment and work
..and what I like even more is the thohgt of (coo lummee) real tax cuts .
I managed to have v quick word with Oliver Letwin a couple of weeks ago and I think I see the way the wind is blowing ...much about what we would like to do but always ....but we are far too broke so you are getting nada.
Hallo chaps 2.30 AM first feed finished ...sigh
Proper Tory Fuel Tax Plan ---> cut it.
Brown said " you waste one third of all your food ".
Brown said "it costs you £8.00 a week".
Bloggers, can you feed yourself for £24.00 per week ?
Right there with you. I posted yesterday about the utterly ridiculous theory behind this policy.
newmania - oh, that phase is so lovely ain't it!!
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