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 rat...
To continue reading this article...
Join Professional Adviser for free
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes