David Cameron’s original attempt at introducing a ‘fair fuel stabiliser’ is attempting to be revived, it has been revealed.
On Wednesday, the treasury confirmed the stabiliser plan to be reviewed, following an assessment of the idea by the independent Office for Budget Responsibility which was published last year.
Cameron’s original plans were initially expressed by Cameron before the election, however the plans soon vanished as June’s budget cuts approached, deeming the stabiliser as ‘unaffordable’.
OBR concluded that a fair fuel stabiliser may not be affordable as it would be too costly to subsidise lower prices for fuel over the country.
Following Cameron’s promising plans, the nation instead saw Labour driven plans to be enforced as fuel duty raised, and announcements of the VAT hikes were revealed.
In a questions and answer session in Leicester, Cameron responded to enquiries about the issue.
He said “it’s not simple, it’s not an easy thing to put in place but I would like to try and find some way of sharing the risk of higher fuel prices with the consumer.
“At the moment I think they feel they are bearing all of the burden so we are looking at this because we do want to try and help people. I accept people are paying a very high price for filling up their car or their van, it affects all business, it affects all of us.”
He added “we’ve also got to do something bigger: which is to wean ourselves off hydrocarbons and petrol”.
An aide to Chancellor George Osborne said “the government is considering the OBR’s assessment of a fair fuel stabiliser and will report back to parliament in due course.”
Regardless of the success of these plans, David Cameron has publicly promised to work at keeping petrol price rises to a minimum.