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Cost of living crisis as fuel hits record price

It is being widely reported that petrol prices hit a new record over the weekend, reaching 148.02p a litre on average across the UK.

A piece in the Mirror said that it marks a new all time high, beating a rate of 147.72p on November 20.

Diesel has now risen to 151.57p a litre. On Thursday, it passed the previous record set on November 20 of 151.10p.

“The cost of living crisis has been ratcheted up yet another notch, tightening the vice on family spending when it faces other pressures from impending domestic energy cost and tax increases,” said Luke Bosdet, the AA’s fuel price spokesman commenting on the fuel price data collected by the AA over the weekend.

A poll by the motoring association found 43% of households are cutting back on car use to make up the costs, half of whom are lower earners, in the wake of the cost of living crisis.

It comes as BP announced profits of £9.5billion for 2021, and a surge in profits at Shell.

Tax cut needed for poorest – immediately

The Workers Party of Britain advocates an increase in the personal tax threshold for the poorest-paid working people. Its not a solution to the crisis but it is an immediate and realisable demand that could be implemented with very little fuss.

Any loss for the exchequer can be easily made up with measures taken to counter tax evasion by big business, or by a tax on those with fortunes exceeding £10m.

Sign our petition for a one-off Corona tax on big fortunes to rescue workers from destitution.

Already before the economic crisis of 2020, there were 5.19 million people earning poverty pay – that is, pay below the living wage.

Our policy would help almost all working people by removing tax from the first £21,200 of their wages, which would be a lifeline to more than two million workers who earn between £12,500 and £21,200 and who currently pay 20% tax.