Treasury to make £4 billion from rising fuel costs

New figures show the UK Treasury will take in an additional £4 billion in revenues this year due to rising oil and gas prices.

The figures, produced by the Scottish Government, show that instead of oil and gas contributing £9 billion to the UK Government this year it will now be closer to £14 billion.  The figure could be higher if price rises do not slow down.

Commenting on the figures SNP Treasury spokesperson Stewart Hosie said;

"At a time when businesses across Scotland are feeling the pinch due to rising fuel costs the thought of the treasury making an additional £4 billion will rightly disturb many hard working Scots.

"The SNP will soon be putting our proposals, backed by the Road Haulage Association, for a fuel price regulator to keep the price of essential diesel and petrol supplies stable before the House of Commons.

"With Alasdair Darling planning to add an extra 2pence to fuel duty in the autumn it seems the UK Government is determined to pocket all the cash from Scotland's black, black oil to fill the Treasury's black hole.

"With the UK Government making in 6 weeks what they expected to make from the rise in fuel duty it is time for Alasdair Darling and Gordon Brown to show they are listening and to abandon the tax rise."