Summary
Oil priced at $40 a barrel for any length of time will cost British households an average of about pounds 200 a year.
But the Government could decide to make good most of the loss by tax cuts for private individuals offsetting the pounds 3 billion it stands to receive in inflated North sea oil revenues. This calculation came yesterday from Maurice Fitzpatrick, head of economics at the accountants Numerica, after Brent crude closed 15 cent higher at $42.84, while in New York, light crude for delivery in September rose 53 cent to $46.58.See the full content of this document
Extract
Counting the Cost of Oil at $40 a Barrel
Earlier prices on both sides of the Atlantic had eased at relief that...
See the full content of this document