without fuel duty a litre of fuel could in theory retail for as little as 50p (less?) so surely the cost of food would plummet, all goods in fact.
But what would be the other effects on the economy and society - for example how much would we have to tax other areas to recover this revenue - are we talking about a MASSIVE defecit we would suddenly have?
If we were to raise income taxes to compensate, how much of an increase would it entail?
I was just curious about this and wondered if any economists had the answers?