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Re: Petrol & diesel vehicles ban (2040).
Here's some food for thought on the move to electric cars:
Quote:
Quote from the Guardian:
The switch to electric cars poses a big financial problem for the government – because every time a driver switches from a petrol or diesel car to an electric vehicle, the government loses 57.95p per litre in fuel tax at every fill-up.
In total, duties on petrol and diesel add up to almost £28bn a year for the exchequer. Worse for the chancellor of the day, petrol and diesel sales make a contribution to VAT. VAT is charged at 20% of the wholesale price plus the duty, which equates to 16.7% of the final price. That’s a form of double taxation and explains why more than 65% of the cost at the pumps goes to the exchequer.
An electric car charged from the grid will currently generate just 5p in VAT for every pound spent. If the car is charged directly from solar panels on a garage roof, the Treasury is likely to go empty-handed.
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Road pricing?
The motorist is too much of a milchcow for the government to let off the hook. Expect some form of revenue neutral re-taxation to take place.
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History is much like an endless waltz: The three beats of war, peace and revolution continue on forever.
However history will change with my coronation - Mariemaia Khushrenada
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