Via the Office of Fair Trading, Rises in pump prices for petrol and diesel over the last 10 years have been caused largely by higher crude oil prices and increases in tax and duty and not a lack of competition, an OFT report has found. and, emphasis mine, The OFT found that, pre-tax, the UK has some of the cheapest road fuel prices in Europe. In the 10 years between 2003 and 2012 pump prices increased from 76 pence per […]
Tag Archives: Money
In his Cardiff speech last night, Sir Mervyn King admitted the Bank of England’s short term policies “appear diametrically opposed to those needed in the long term.”Sir Mervyn still believes that ulta-low interest rates have prevented the recession becoming a depression. However he confessed that such low interest rates prevent bad investments from the boom years unwinding and prop up failing firms surviving on cheap credit, thus postponing the recovery. I could point out that I have been saying this for years. Although that […]
Another excellent video from LearnLiberty.org, in which Lawrence White concludes it would be dangerous to leave the control of money with the same institutions which caused the present crisis, hoping they will do better in future: What would it mean to “End the Fed?” Free banking expert and professor Lawrence White begins his answer by explaining the functions of the central bank of the United States, also known as the Federal Reserve or just “the Fed.” As the hub of […]
I spoke yesterday to the European Young Conservatives on the origins of the crisis in excess state power, deficit spending, debt and debasement. Here are the slides: And this morning, I spoke on the morality of taxation alongside Syed Kamall MEP, Cllr J P Floru and Matthew Elliott of the TaxPayers’ Alliance. My remarks are here: PDF. My central message was the same on both occasions: if we really care about human welfare, especially the welfare of the poor, we need to […]
There was a beautiful symmetry to last week’s policy announcement by the Fed. Precisely a week after the ECB had pledged its commitment to unlimited purchases of Euro Zone government bonds, the Fed declared that its new round of debt monetization – ‘quantitative easing’ or QE3 – would be open-ended. Read the rest of the article by my Cobden Centre colleague, Detlev Schlichter: Stimulus, to infinity and beyond.