Pressure mounts on oil producers ahead of meeting in Doha on Sunday April 14, 2016 The stage has been set for what will be the first coordinated action among Opec and non-Opec producers in 15 years – and failure to deliver could spark ire among already harangued oil investors. Talk of a potential freeze deal at the meeting in Doha on Sunday has helped oil prices recover from near 12-year [...]
Oil prices: Brent crude inches above $30 per barrel January 19, 2016 Oil prices rose above the $30 per barrel mark today, as traders weighed mixed messages from global oil markets. Brent crude, the global benchmark, jumped as much as five per cent to above $30 per barrel today. Meanwhile, West Texas Intermediate (WTI) crude, the US benchmark, rose 1.8 per cent to $29.96. It came as data [...]
Why is Britain becoming less productive? Economists blame everyone from government to investors to statisticians April 7, 2016 The UK’s productivity has been trundling along at a less than spectacular pace for a number of years. This morning, figures from the Office for National Statistics (ONS) revealed it actually fell 1.2 per cent in the final quarter of 2015, raising concerns about the general state of the UK economy. But what is productivity, why [...]
Iran goes on production spree ahead of Opec meeting in Doha this weekend April 14, 2016 Shipments of crude oil out of Iran have increased by more than 600,000 barrels a day this month, according to Bloomberg data. The data showed Iran shipped more than two million barrels per day so far in April, compared to around 1.45m barrels a day in March. Iran has been squaring off with oil cartel Opec defacto leader Saudi Arabia [...]
Think tanks urge people to be able to choose for themselves on sugar January 13, 2016 Controversial sugar tax proposals have been slammed by an economic think tank, following hints by Prime Minister David Cameron last week that the government could introduce a tax on sugary drinks this year. The Institute of Economic Affairs (IEA) has today published a report sharply criticising the plans, labelling them “regressive, inefficient and unpopular”. Lobby [...]
Sunday trading hours: Government defeated over plans to relax rules surrounding Sunday trading hours March 9, 2016 MPs dealt a major blow to Prime Minister David Cameron and chancellor George Osborne tonight by defeating government proposals to relax rules surrounding Sunday trading hours in England and Wales. In a rare House of Commons defeat for Cameron, MPs voted 317-286 to reject the government's plans. At least 20 Conservative MPs are understood to have rebelled. [...]
Autumn Statement 2015: What do free marketeers want from chancellor George Osborne and what do they think they’ll get? November 24, 2015 True to chancellor George Osborne’s record, tomorrow’s Autumn Statement promises to be a highly politicised event and one that has been mired by recent events including the Paris attacks, borrowing figures and controversy around cuts to tax credits, departments, services and welfare. Forgetting the political theatre, just what do free marketeers want from this Budget? Tax credits Let's [...]
Plain packaging: Here are six reactions to today’s High Court ruling on cigarette packets in the UK that will be introduced tomorrow May 19, 2016 This afternoon the High Court ruled against a legal challenge brought forward by big tobacco companies to try and avert new plain packaging laws that will be implemented tomorrow. The world's big four tobacco companies were involved in the legal challenge, which was led by Philip Morris International and British American Tobacco. Japan Tobacco International [...]
Institute of Economic Affairs debunks fears over 24-hour drinking: Licensing Act did not result in catastrophe November 24, 2015 Relaxing liquor licensing laws has benefited consumers and caused little harm, the Institute of Economic Affairs (IEA) is arguing today. On the tenth anniversary of the Licensing Act and so-called 24-hour drinking, the free-market think tank has said that looser licensing laws “did not result in the catastrophic outcomes” predicted a decade ago. “The apocalypse [...]
US oil agency IEA warns battle for market share has just begun May 13, 2015 The battle for market share in the oil sector has just begun, according to the International Energy Agency’s (IEA) monthly report. The warning follows a report from the Organisation of Petroleum Exporting Countries (Opec) on Tuesday, which stated that US supply was set to decline over the final two quarters of 2015 while Opec [...]