Over half of UK financial directors (53%) are more concerned about the impact of the rising price of fuel on their business than the recent VAT rise, according to research from ALD Automotive.
The ALD corporate survey also found that one in ten respondents would expect their business to make redundancies if fuel prices reached £1.70 a litre.
Furthermore, 37% of respondents stated they were not concerned about the rising costs, while 10% were unsure.
Keith Allen, managing director of ALD Automotive, said: “As our research shows, the increasing cost of fuel is a big worry for UK businesses.
“At ALD, we work with companies by having them outsource the management of their company vehicles and can recommend strategies to help them reduce their fuel bill.
“A change in a business’s fleet policy or the implementation of telematics can have a significant impact on fuel consumption and a business’s bottom-line.
“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 while leaving alternative technologies in the showroom.”
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