The Oil Price

The price of petrol at the pump is scary. Osborne will simply have to do something about it in next month's budget. There can be absolutely no justification for 80% of the pump price being tax. The Bank of England also needs to increase interest rates. Apart from slowing down inflation increased interest rates will increase the value of sterling and make our imports of oil cheaper. Any number of commentators have stated that rather than the cuts inflation is the issue to be worried about. As we all know the so called cuts are only reductions in future increases in spending, not real cuts at all. Miliband the great intellectual, son of the communist LSE lecturer Ralph Miliband of whose legacy or whatever Saif Gaddafi is apparently a supporter, has decided that inflation is increasing the cost of living of the less well off. No doubt he has decided to speak in the hope he can use inflation as a stick to beat the Government with but it will not do. Who undertook the policies, including the dangerous expansion of the money supply, that was inevitably going to lead to inflation? None other than the last Labour government. Somehow truth will out and as someone known as HackneyAbbott has said "Blair, Berlusconi and Sarkozy must be nervous. Suppose Gaddafi blabs about all their deals."