Follow on Google News News By Tag Industry News News By Location Country(s) Industry News
Follow on Google News | ‘Sun Worldwide’ – Business Worldwide - (No Inflation? Ask UK Motorists) ...‘Sun Worldwide’: Britain’s weakened pound has played a significant role in the rising cost of fuel.
By: Jerome Simmonds Thanks to a 30% plunge in sterling’s value against the US dollar, the price of a liter of petrol is set to top £1.20 for the first time and “Sun Worldwide” sources believe it will go higher as the pound weakens on the foreign exchange markets. “Sun Worldwide” explained that because the pound had declined so sharply, it cost more to import fuel which is denominated in US dollars. They also suggest that the currency’s fall was far more responsible for the rise in prices than the recent government imposition of additional duty. Although the UK’s government and the Office For National Statistics (ONS) maintains its view that inflation is under control, the price of fuel and other imports continue to rise and this “Sun Worldwide” suggests, is likely to continue unless there is a marked change in the fortunes of sterling on the currency markets. British motorists are used to paying more for their fuel given the government’s penchant for levying duty on all sales but where tax represented some 73% of the price 10 years ago, currently it accounts for 60%. http://www.statistics.gov.uk/ End
Account Email Address Disclaimer Report Abuse
|
|