Oil prices hit all-time high in Britain (and that means bad news for motorists - and possibly for homeowners)
UK Daily Mail
Soaring oil prices wipe out Budget's 1p fuel duty cut
Diesel already costs record £1.40 a litre, with latest rises likely to be passed on at pumps
Oil prices have hit an all-time high in Sterling terms, in a surge which increases the mounting pressure on Bank of England interest rate-setters.
The impact of the weaker pound, which declined 17 per cent in value in the past two years, means the Sterling value of Brent crude oil has risen to a record high of £74.60 per barrel.
But at 121 US dollars a barrel, Brent crude is still below the 147 US dollars a barrel record set in the summer of 2008.
The increase will provide another headache for policy-makers at the Bank of England, who are battling rising inflation, which hit 4.4 per cent in February, and sluggish growth...[Full Article]
