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Bad for oil shares; good for the global economy. One raw material used for almost everything is half its recent cost. This will reduce prices of goods and services, and/or increase profits.In the UK there will be a feelgood factor which will boost the Tories, hitting mad Balls' mantra about the cost of living crisis, just in time for the election.And if Osborne had any sense (errrmm) he would be glad to see the consequent increased economic activity, since his tax grab will go up and make his borrowing figures look slightly better than appalling.
So long as it's passed on, Budgie.
EK, some will some won't. Retail petrol pump prices have gone down from about 145p/litre to c116p/l (c20%), or in the region of £8 per week for a typical car commute (40 miles/day). That's money in the ordinary working man's pocket. It will change the whole outlook.
Stepping on dodgy ground here but isn't the tax revenue on fuel a percentage? (seriously I don't know). If it is, then Osborne's budget is toast.Talking of which, has he really taken into account the rise in self employment? His huge increase in expected tax income may well have already been spent (increasing the existing consumer figures) on vital 60 inch 3D computer monitors, iPhone 6's and anything you always wanted but couldn't afford if tax was included. The only benefit in being self employed.Anyhow cheap oil is good for everybody except the government and the city so expect some serious manoeuvring coming down the tubes,
Suffragent - fuel duty is per litre.https://www.gov.uk/government/publications/rates-and-allowances-excise-duty-hydrocarbon-oils/rates-and-allowances-excise-duty-hydrocarbon-oilsVAT is additional and based on price. The money saved will probably be spent on beer (I know mine is) so the total tax take is increased.Good to know I'm doing my bit!
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