Should Reeves cut fuel duty? |
With Donald Trump signalling that he does not want a long war in Iran, markets have started to settle down. Traders are no longer betting on interest rate hikes, the FTSE is in the green and a barrel of oil is hovering around $90.
Nevertheless, the pressure on the Chancellor to set out further financial support to tackle the cost of living is on. The average five-year fixed mortgage passed 5 per cent today for the first time since November, prices at the pumps have jumped at their fastest pace in four years, and Morgan Stanley is the latest bank to warn that inflation could hit 5 per cent later this year.
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On petrol and diesel, Rachel Reeves is angry with service stations. The British government will ‘not tolerate price gouging,’ she told MPs today – pointing to the disparity yesterday between some petrol stations charging under 130p a litre while others had hiked costs to........