UK: HIGH OIL PRICE WILL HELP EXCHEQUER

Article Abstract:

A rise in crude oil prices will improve public finances. If the oil prices stay at US$ 30 a barrel then it could deliver an extra GB[pound] 2.8bn in North Sea revenue. Economists already expect the public finances to deliver a GB[pound] 10bn surplus, compared to a forecast of GB[pound] 6bn. The Treasury's next forecast will be published in November. North Sea oil and gas revenues for the current year are estimated at GB[pound] 4.3bn compared to GB[pound] 2.5bn during last year. The benefits however could be offset by lower corporation tax as the higher oil price depresses profits for companies. It will also slow economic growth and cause inflation. The macroeconomic shock from a renewed surge in the oil price will outweigh the extra benefit to the Budget from the extra revenue.

Public Finance Activities, Budget Process, Budgeting

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UK: MORE RISES IN PETROL PRICES ARE EXPECTED

Article Abstract:

Further petrol price rises are expected this summer after Prime Minister Tony Blair said cutting taxes would mean cutting health and education spending. This is bad news for motorists who have seen the average price of unleaded petrol rise by 20% since June 1999. During the last three years the price of petrol has increased 44%; with three quarters accounted for tax rises. Petrol is now taxed at a higher rate than champagne. The Treasury has received a GB[pound] 1bn windfall because steep rises in prices have meant extra VAT for the government. The average cost of a litre of unleaded petrol is now GB[pound] 0.85 in Britain. This will reach GB[pound] 0.90 by the end of the summer and the situation will not be eased due to strong crude oil prices.

Commodity & service prices, Taxes, Taxation, Petroleum industry

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UK: UNLEADED PETROL DAMAGING BIRD NUMBERS

Article Abstract:

Unleaded petrol may account for the decline in numbers of sparrows. Benzene and methyl tertiary butyl ether, two components in unleaded fuel, may be linked to bird deaths and needs investigating. Increased volumes of these chemicals occurred when unleaded fuel was introduced into the UK in 1988. The chemicals are used to increase the octane rating of unleaded but both are toxic. Although there is no direct proved between unleaded and the sparrow, circumstantial evidence is strong enough to warrant an investigation by government scientists.

Research & development outlays, Pollutants produced & recycled

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