Chancellor Gordon Brown looks set to give in to public opinion after yesterday revealing plans to abandon a 1.9p-a-litre increase in petrol and diesel duty in September, if world oil prices remain high through the summer.
According to The Daily Telegraph, Brown will make a final decision on the duty in August after reviewing progress on international efforts to stabilise the price of oil.
His move comes after oil exporting countries agreed to increase production to head off an energy price crisis, the paper says.
WHILE OIL prices keep rising, more than half of the City’s economists predict the Bank of England will raise rates next week for the second month in a row, writes The Times.
Despite signs yesterday of a slowdown in the services sector, 27 out of 45 economists polled said they expected rates would rise by a quarter of a percent next Thursday.
That said, others believe the Bank will wait at least until next month.
THE CITY also welcomed Standard Life's announcement yesterday revealing it had appointed Trevor Matthews as head of its UK life and pensions business, says The Scotsman.
Matthews, who takes over the post on 1 July, will start off on a basic salary of £475,000 a year.
On top of that, he will receive an undisclosed "golden hello" package to compensate for losing bonuses at Manulife. If that is not enough, he will also be entitled to a bonus of 35% of his salary for meeting targets and up to a maximum of 50% for exceeding them.IFAonline
Succeeding co-founder Simon Rogerson
Janus Henderson Global Dividend Index
More than 10 million shares allocated
Long-term strategic holding
What made financial headlines over the weekend?