"The UK cannot afford to sit back and let another energy shock drive up inflation and damage the economy, said William Ellis, a senior economist at the IPPR. The UK economy and public finances are expected to take a significant hit from the Iran conflict, regardless of whether the government intervenes."
"Lowering speeds would be a dual win, the thinktank wrote, lowering fuel demand, while safer streets support swapping short trips to walking and cycling. This should be packaged with advice on how to drive more efficiently alongside recommendations for increased home working and carpooling."
"The researchers estimated that the Treasury could lose up to 8bn a year from higher debt payments and lower tax revenues resulting from lower economic growth without a support package. The fuel duty cut would apply until spring 2027, the institute said, while the price cap"
The Institute for Public Policy Research recommends a comprehensive package of measures to mitigate economic damage from the Iran conflict. Speed limit reductions to 20mph in urban areas and 60mph on motorways would decrease fuel consumption and support oil price stabilization. Additional proposals include a temporary 10p fuel duty cut and an energy price cap of £2,000 annually. Without intervention, inflation could reach 5.8%. The measures offer dual benefits: reduced fuel demand and safer streets encouraging walking and cycling. The Treasury could lose up to £8 billion annually from reduced economic growth without support. The International Energy Agency has similarly advised member countries to consider speed restrictions as emergency measures.
#speed-limit-reduction #energy-crisis-response #inflation-control #fuel-duty-policy #iran-conflict-economic-impact
Read at www.theguardian.com
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