Fuel retailers hit back at detractors, blaming volatile market for pump price increase June 29, 2022 Fuel retailers have hit back after motoring bodies have accused them of “inexplicably” rising fuel prices at UK pumps. Gordon Balmer, director at the Petrol Retailers Association (PRA), has told journalists that operators are currently operating at a loss due to wholesale prices rising because of the volatile oil market. “Independent fuel retailers need to [...]
Motorists have ‘right to know’ why fuel costs surge, says the RAC June 29, 2022 Motorists have “a right to know” why fuel prices at UK forecourts continue to rise despite a slump in wholesale costs. Leading motoring group the RAC has accused fuel retailers of “inexplicably” rising costs after petrol yesterday reached a new record high of 191.2p while diesel stationed at 199p per litre – 0.1p less compared [...]
Windfall tax is a ‘fiscal shock’ to the oil and gas sector, warns industry body in letter to Chancellor June 28, 2022 One of the UK's leading energy bodies has sent a letter to the Chancellor Rishi Sunak, warning the new windfall tax will harm the country's investment climate.
Rees-Mogg says cutting taxes could reduce inflation in split with PM June 28, 2022 Jacob Rees-Mogg has said cutting taxes immediately may reduce inflation in comments that will put him in direct dispute with Boris Johnson and Rishi Sunak. The Brexit minister today said getting inflation under control “doesn’t necessarily mean tax increases – indeed it could mean tax cuts”. Johnson and Sunak have both said the UK cannot cut [...]
Sunak: UK has ‘tools at our disposal’ to tackle 40-year high inflation June 28, 2022 The UK has “the tools at our disposal” to tackle the worst inflation spike in four decades, the chancellor urged today. Responding to a grilling by MPs in the house of commons, chancellor Rishi Sunak said Britain is “not immune” to the inflationary “shocks” that are sweeping through the world’s richest economies. Prices have climbed [...]
Car industry sounds alarm bells: UK vehicle makers face staggering 50 per cent jump in energy bills June 28, 2022 British car makers face a 50 per cent increase in energy costs this year, an industry body warned this a.m. Analysis by the Society of Motor Manufacturers and Traders (SMMT) stated that the sector’s annual energy bill – which is already £50m more than its European Union rivals – will rise by £90m in 2022. [...]
Prime Minister and Chancellor to dismiss Tory calls for early tax cut June 28, 2022 The Prime Minister is set to bat away demands from Tory backbenchers to slash cuts in a major speech with the Chancellor next month. According to a report in The Times, Boris Johnson and Rishi Sunak are set to outline the government’s economic strategy in the speech. However, they will delay announcing a timeline for [...]
Extending windfall tax to renewables will jeopardise investment warns RWE boss June 28, 2022 RWE boss has warned energy firms will reconsider investment plans in the North Sea if the UK expands its windfall tax to electricity generators.
Taxpayer becomes shareholder in adult-only sex party firm Killing Kittens June 27, 2022 The UK taxpayer is the latest shareholder in the female-led sextech firm Killing Kittens after the UK government's backing under a pandemic innovation programme.
Petrol prices spike to record highs despite falling wholesale costs for retailers June 27, 2022 Petrol prices broke records again this weekend, despite falling wholesale costs and a slump across the two major oil benchmarks.