Fuel At All Time High

Brent in GBPIn July 2008, Brent traded at $145 and change, a barrel, which is 15% higher than the current price of $123. 

It feels higher though doesn't it? That's because duty is even more onerous than it previously was, and when priced in sterling rather than dollars, Brent is anyway at an all time high, (chart above).

So, with oil soaring, a sure economic deflator if ever there was one, UK industrial production falling 1.2% in February from January, inflation roaring ahead at 5%, income falling and direct and indirect taxes surging you'd think that our leaders would have better things to do than tamper with the democratic process by holding an idiotic referendum on alternative voting. Well, you'd be wrong. The economy is in a nose dive and they're in a world of their own. 

Almost forgot........... interest rates are going to be one of the other things heading up in short order as the rest of us are in the express lift heading down.