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Fuel duty cut 'will not affect small businesses'

Date Added: 24/03/2011  

A 1p cut in fuel duty revealed in the Budget yesterday (March 23rd 2011) will not impact on small businesses.

This is according to the Adam Smith Institute, which stated that economic growth will not be kickstarted by the plans announced by the chancellor George Osborne, as he has claimed.

Tom Clougherty, executive director of the Adam Smith Institute and Sam Bowman, head of research at the organisation, explained that the cut in corporation tax is also not enough to attract foreign companies to Britain.

"Competitive business taxes are essential to growth, but corporation tax is only one part of the picture. The coalition's capital gains tax hike makes Britain a world loser," commented Mr Clougherty.

Mr Bowman added that high tobacco taxes also encourage "illicit trade", a problem which will be exacerbated by the measures outlined in the Budget.

But British Retail Consortium director general Stephen Robertson praised the Budget, claiming the 1p fuel duty cut is more helpful than expected.

Posted by Julie Cutts 

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