Businesses to benefit from the Government’s decision to cancel planned 3p fuel duty increase

David Postings, UK chief executive of Bibby Financial Services, says:  “With fuel prices reaching record levels in recent months, SMEs have been facing an ongoing challenge to absorb rising running costs.

Following news of the proposed hike, which was originally announced by Chancellor George Osborne in his Budget statement this year, we called on behalf of our client base of 4,000 UK small and medium-sized businesses for the Government to consider implementing a freeze on fuel duty.

As a result, we are hugely relieved for SMEs in the UK that a freeze has now finally been put in place for the remainder of the year. This will mean that thousands of firms which are under increasing financial pressure will no longer have to shoulder the additional burden of an untimely 3p rise in fuel duty that would have been detrimental to their cash flow - the lifeblood of any small business.

Posted in Bibby Financial Services updates by Julia Legge on 26 June 2012.

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