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Fuel Duty Reduction Doesn't Cut It for Majority Of People in the UK
Mar 24, 2011 (03:03 PM EDT)
-- 86 per cent of people say the 1p per litre reduction makes no difference to their day to day finances
CHESTER, England, March 24, 2011 /PRNewswire/ -- Despite yesterday's announcement of a 1p per litre reduction to fuel duty, 86 per cent of people don't believe this will make a difference to their finances, according to new research from moneysupermarket.com.(1)
Britain's number one comparison site asked users whether 1p off a litre of fuel will make a big difference to their personal finances. Over 7,300 consumers responded in just over 12 hours to voice their opinion. A shocking 86 per cent said the cut won't make any difference to them at all.
Kevin Mountford finance expert at moneysupermarket.com commented: "Yesterday's fuel duty reduction of 1p per litre is a step in the right direction but doesn't go far enough to really make a difference to despairing motorists. Fuel prices have escalated higher than many people would've expected and UK drivers are desperate to see costs come down to a more affordable level.
"Motorists are all also being hit hard in the wallet by the rising cost of car insurance. Our recent research showed car insurance prices increased by 31 per cent from January 2010 to January this year(2) – or 44p per day, and unfortunately there still aren't signs of increases slowing down.
"Although there is little you can do about the rising cost of fuel, you can take control of some of your motoring costs. Rather than accepting your renewal price on car insurance, shopping around for a better deal will save you money. Consumers switching car insurance through moneysupermarket.com save on average 283 pounds Sterling."
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Notes to editors:
(1) Weekly Poll:
Thank you for voting.
1p off a litre of fuel – will it make a big difference to your personal finances?
Yes – 9.3%, No – 85.8%, I don't know – 5%.
Total votes: 7371.
(2) The rising cost of car insurance
Over the past year car insurance quotes have increased on average by 31%. The average moneysupermarket.com quote has gone from 519 pounds to 680 pounds (44p per day). Figure calculated using 21,370,762 enquiries made between 11/01/2010 and 13/01/2011.
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