The Road Haulage Association (RHA) has urged HM Treasury to develop an ‘effective long term fuel duty strategy’ as it has emerged in recent weeks that rising fuel prices are hitting some of the UK’s largest businesses.
Ryanair announced last week that it had seen a 29% drop in profits due to high fuel prices, which has come as no surprise to the Road Haulage Association.
The RHA’s Chief Executive, Geoff Dunning, said: “This is yet another example of the impact on industry of high fuel prices”.
Dunning suggested that if the biggest companies are being hit hard, it could be extremely detrimental for the UK’s smaller transport operators and hauliers: “It clearly demonstrates that no matter the size of company, the price of fuel has a dramatic effect on the bottom line figure.”
ldquo;After several months of falling oil prices we are once again seeing a general upward trend in the price of fuel; the knock-on effect of which will, if it continues to rise, be catastrophic for the economy in general and for UK transport operators in particular,” he concluded.
Invoice Finance for Transport & Logistics
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By the end of 2015, 23% of all invoice finance clients in the UK were in the logistics sector