FDs more concerned about fuel rise than VAT increase
Finance chiefs in the country are concerned fuel rises will affect their business more than VAT rise
FINANCE DIRECTORS are more concerned with fuel rises than the recent increase in VAT rate.
Research conducted by fleet management and leasing business ALD Automotive, with YouGov surveyed 132 UK finance chiefs.
The results show 53% are more concerned with rising fuel costs than the recent VAT rate increase.
FDs are concerned the increase will significantly affect their business with as many as one in ten expecting to make redundancies if fuel rises to more than £1.70 per litre.
Commenting on the results, Keith Allen, managing director of ALD Automotive said: “Finance directors may not be able to influence petrol or diesel prices, but through the careful selection of company cars, driver education policies and telematics, fuel bills can be effectively managed.”
Between December 2010 and February, unleaded petrol rose by 6.7ppl (pence per litre) to 128.8ppl from 122.1ppl.
Diesel prices for the same period also rose, by 11ppl, to 134.0ppl from 123.00ppl.
According to the research the UK is the eighth most expensive country in Europe for unleaded petrol, and second most costly in Europe for diesel.